Gold bounces off support, but downside persists

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Gold prices caught a bid following last Friday’s sell-off. Price action quickly bounced back off the 1671.95 level of support.

But despite this move, the lower high that is likely to form could be indicative of a move lower.

Watch how price behaves near the 1671.95 level. A breakdown below this key support could accelerate declines.

Technically, the next key level of support is at the 1571.78, which was briefly tested around late March this year.

Watch for a possible breakout of the falling trend line, which can potentially signal a turnaround in prices.

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