18.06.202115:48 Forex Analysis & Reviews: Gold remains in bearish trend, a move towards $1,730 still in play.

Gold price has stopped its decline at the key Fibonacci support as we mentioned yesterday. Price bounced today but it seems that this bounce will be short lived and price will continue lower. Short-term trend remains bearish. As we mentioned yesterday, there is no sign of a weakening downward trend or reversal.

Exchange Rates 18.06.2021 analysis

Blue lines- Fibonacci retracements

Gold price's next target is at the 78.6% Fibonacci retracement around $1,730. Today's high at $1,796 is now a short-term resistance and bulls will need to recapture this level in order to hope for a trend reversal. For bulls to regain control of the trend, we must see price break above $1,830 and to stay above this level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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