FX.co ★ Technical analysis on Gold for August 1st, 2023.

Red line -resistance

Gold price is trading around $1,950. In our previous analysis we warned bulls that Gold price was vulnerable to a move towards $1.950 after the rejection at the red downward sloping trend line. Yesterday's rejection at $1,972 was a sign of weakness. Price is now approaching the recent lows around $1,940. For bulls to reclaim control of the trend, we should see a break above the red resistance trend line.