Blue lines- bullish RSI divergence
Red lines- bearish medium-term channel
Gold price finally bounced after yesterday's reversal candlestick. Price today reached as high as $1,740 and Gold is getting closer towards our bounce target area of $1,750-70. Gold price is still inside the medium-term bearish channel, but still has upside potential to test the channel's upper boundary. Although this past week started with Gold price making new 2022 lows, price has bounced off $1,680 towards $1,740 in two sessions. Gold price has potential to move towards $1,750-70.