FX.co ★ Gold back tests broken support, now resistance.

Gold price is trading around $1,750. Short-term trend remains bearish as price has broken below key support of $1,790 and has already tested the 2021 lows. Price is now back testing the broken support of June lows which is now resistance.

After the triple bottom at $1,680 price has bounced strongly towards $1,750. Current price action is considered still a counter trend move. Gold price remains weak and in a bearish trend. If bulls manage to recapture the $1,750-60 level, we will have the first sign of strength after a long time.