Blue lines- Fibonacci retracement levels
Gold price is under pressure. Price broke below the 61.8% Fibonacci retracement level and is heading towards the next Fibonacci retracement. As we explained in our previous analysis, a break below $1,910 will push price towards $1,900 and most probably even lower. Gold today made a lower low at $1,900. Trend remains bearish. Previous support is now resistance. Bulls need to recapture $1,910-20 area in order to hope for a bigger bounce. Gold price remains vulnerable to more downside.