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Red lines- bullish channel
Gold price is trading around $1,993. As expected price made a pull back towards $1,980 yesterday. Gold price formed a higher low around $1,986. Gold price tested the channel support. Technically trend remains bullish as price continues making higher highs and higher lows. Price is in a bullish trend as long as it remains inside the red upward sloping channel. Support by the channel is found at $1,990 and at yesterday's low. The Rsi has still not reached overbought levels but it is slowly starting to turn around. Traders need to remain cautious. Gold remains vulnerable to more downside.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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