GOLD – I noted several important elements on the chart: the descending price channel – continuation of the global downward trend, the sideways range in which the price is – important price resistance levels.
Recently the price tested the support zone of the descending channel and on the retest, when it failed to break through it, the price forms an upward momentum and updates the local price highs and heads for the retest of the 1732 range resistance.
I assume that since we have a bearish global trend and resistance levels are more important, it is likely that after the test we will see a pullback before a further move up. It is also worth considering that the level of 1732 is quite strong (you can see it from the price reaction that was earlier).
The short-term target for the pullback is the support of 1714, the medium-term target for the breakdown of the resistance is the level of 1765.
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