FX.co ★ Technical analysis on Gold for August 2nd, 2023.

Red line- resistance trend line

Nothing new in Gold charts today relative to yesterday or the day before. Price got rejected at the red trend line resistance and remains under pressure. As expected Gold price has reached the recent lows of $1,940 and is challenging them. Gold price continues making lower lows and lower highs. Bears remain in control of the short-term trend as long as price is below $1,970. Recent lower high at $1,954 is also important short-term resistance. Bulls are under pressure. They must recapture at least the $1,954 level in order to hope to regain control of the trend. Next support level at $1,925.