GOLD is trading in a downtrend. There are no preconditions for the trend change to an uptrend at the moment. The price makes a false break of the local support level 1698 and rolls back to the resistance.
I assume, as the pullback phase is not finished yet, as the price has not reached the liquidity zone, which is hidden behind the strong level, then, most likely, since the opening of the trading session we may see a small rise to the resistance of 1720.
I assume that from the resistance, if the price makes a false breakthrough, we may see a fall in the price trend. Short-term target – support of 1698.64, medium-term target – support of the global price channel.
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