Blue lines- Fibonacci retracement levels
Gold price is trading around $1,910. Short-term trend remains bearish as price continues making lower lows and lower highs after the top around $1,950 area. Price has now retraced 61.8% of the entire upward wave from $1,884. The $1,910 is important Fibonacci support. A break below the $1,910 level will open the way for a bigger decline at least towards $1,900 if not lower. Recent lower high at $1,930 is resistance. Bulls need to push price above this level and the chances for a bigger rise above $1,950 will increase. In the near term bears remain in control.