Gold price remains above key short-term support of $1,770 but also below the recent high and short-term resistance of $1,800. Price continues to trade sideways inside a trading range between $1,800 and $1,770.
After a steep decline from $1,900, Gold price has paused the decline and is consolidating sideways. Usually this kind of price action is followed by another move lower to new lows. That is why we continue to favor the bearish breakdown below $1,770 towards $1,740. If resistance at $1,800 is broken the we expect Gold price to at least reach $1,815. Breaking below $1,770 will be a short-term bearish signal.
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