FX.co ★ Gold Aiming At Down Channel

Gold is trading at the 1,769 level at the time of writing. It has declined a little after registering an important growth. Still, the decrease could be a temporary one before starting to increase again.

XAU/USD has found strong support, demand, at the downside line of the down channel, so the price could come back higher towards the downtrend line, down channel's resistance. In the short term, gold could try to reach and retest 1,751 support (resistance turned into support) before jumping higher.

Gold Forecast!

Gold will continue to increase towards the downtrend line if it jumps and stabilizes above 1,788 immediate high.