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Blue line- support (broken)
Green lines- Fibonacci retracements
Red line -expect decline
Blue horizontal lines- Fibonacci extension targets
Gold price is trading below $1,750, while earlier today price was making new higher highs at $1,763. Resistance remains strong around $1,760 and bulls were unable once again to break above it. Gold price has turned lower as Dollar strengthens and our view remains similar to last week's analysis. Gold price remains vulnerable to the downside. It is important for bulls to recapture and stay above $1,760 in order to avoid any pull back. So far the rejection at $1,760 resistance implies that more downside should be expected. If Gold price breaks below $1,727 we should expect a minimum decline towards the 50% Fibonacci retracement and 100% extension at $1,702. As long as price is below today's highs, we remain short-term pessimistic.
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