FX.co ★ Short-term warning signals in Gold.

Gold's inability to push above $1,770 is a warning signal for bulls. Price so far has made more than 4 attempts to push above $1,770. Twice price managed to trade close to $1,780 but sellers stepped in and price closed near the daily lows forming a long upper tail (shadow).

Gold price today rose up to $1,777 but price is back towards $1,760. A daily close around current levels will provide a negative candlestick pattern. The long upper tail in today's candlestick is a bearish signal. Support at $1,750-45 remains intact. However with current price action, the chances of seeing a break below $1,745 increase. Bulls need to recapture $1,770 and stay above it in order to continue higher towards $1,800. The chances of this happening are slim, but bulls remain alive as long as price holds the short-term support.