Gold price is showing signs of strength. Price has reached $1,760 and is now trading around $1,790. The RSI justifies at least a short-term bounce towards $1,814.
Blue lines - Fibonacci retracement
Gold price has potential to reach at least the 38% Fibonacci retracement. Trend remains bearish, however on an intraday basis, price shows signs of strength and upside potential. Our first bounce target and important Fibonacci resistance is at $1,814. Next major resistance is at $1,846. Support is at $1,770 and failure to stay above it, will open the way for a move towards $1,740.