Gold bulls recapture $1,500 but price remains below key resistance

Gold price bounces back above $1,500 but price remains inside the downward sloping bearish channel. Gold bears need to break below $1,500 and bulls want to see $1,525-$1,520 resistance broken.

Gold price on the daily chart above is higher than the Daily Kumo and is trying to close above the kijun-sen (yellow line indicator). Resistance is strong in that level and a rejection there and a break below the tenkan-sen (red line) would be very bearish. A daily close below $1,489 would open the way for a move towards $1,450-60.