Green line- short-term resistance trend line
Gold price is trading around $1,630. Gold price tried to bounce higher the last 24 hours, but price remains under pressure. Gold price found resistance at the short-term downward sloping resistance trend line at $1,640. Gold price got rejected and is turning lower once again. Bears remain in control of the short- and medium-term trend. Gold could see higher levels if resistance at $1,640-37 is broken. Until then price is vulnerable to more downside. First upside target is at $1,650-60 if resistance is broken.