Gold price is trading around $1,790. Price has formed a double bottom around $1,780 and this is for now a confirmed support level. Bulls do not want to see price break below this level.
Red rectangle - support
Gold price made a bounce towards $1,815 as we expected when price was trading around $1,780 and showing reversal warning signals. Gold so far has formed a higher low relative to the $1,758 low made at the beginning of November. There are still increased chances of a major low and bigger bounce above $1,815, however bulls need to keep defending $1,780.