FX.co ★ Gold challenges November lows

Gold price as expected is moving lower below $1,800 and is now challenging $1,750-60 area. Trend remains bearish as Gold is making lower lows and lower highs. Price is inside a bearish channel. Bulls were warned when price got rejected at $1,850 key pivot level. Breaking below $1,810 was the confirmation of this decline below $1,780.

Gold price is below the Daily Kumo (cloud). Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance is at $1,812 and at $1,822. As long as price is below this resistance area we remain short-term bearish looking for lower lows towards $1,750-30.

Red line - support trend line

Gold price is heading towards the red upward sloping support trend line found at $1,690-$1,700. This is major support area. Support is also found at $1,764 where we saw the low in November and a rally back to the upper channel boundary near $1,950. Breaking below $1,764 is the most probable scenario.