Gold price is trading around $1,740. Price has still not gotten clear of the short-term resistance of $1,740. Gold bulls need to continue pushing price higher and to defend $1,720-30 level in order to continue higher towards $1,780-$1,800.
Blue lines – bearish channel
Gold price has bounced off the horizontal support and previous low of $1,677. Price has reached the resistance area of $1,720-40. Continuing higher, bulls could manage a push towards the upper channel boundary near $1,780 area. In the near term, a move below $1,720 will be a sign of weakness for bulls.