Purple lines- wedge pattern
Blue lines- Fibonacci retracement levels
Gold price is still in a short-term bearish trend making lower lows and lower highs. Price today reached our $1,912 target and the 78.6% Fibonacci retracement level as expected by our previous analysis. Bears remain in control of the trend. Price today made a strong bounce towards the upper wedge pattern boundary and got rejected. Price reached resistance at $1,930 and got rejected. This lead to a new lower low. Today's price action confirms the importance of the upper wedge pattern boundary. As long as price is below the upper wedge boundary, bears will remain in control. Support remains at $1,912. Failure to hold above this level will put the $1,892 low in danger.
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