FX.co ★ Short-term technical analysis on Gold.

Gold price remains below $1,800 and seems like it is consolidating above $1,770 support. This consolidation is most probably a pause to the downtrend that started from $1,916 at the beginning of June. Gold price is still vulnerable to a move lower towards $1,740.

Gold price is hovering above the short-term support at $1,770. As long as this support holds I expect Gold price to continue its bounce at least towards $1,815. There we find the first important Fibonacci resistance. Failure to hold above $1,770 will open the way for a move towards $1,750-40 as we explained this scenario in a previous post. The decline that started at $1,916 is still not finished.