Gold: bouncing from local support

Golds multi-month downtrend is continuing its way. Recently, it came to 1 765 the November highs. However, that support level sent gold back upwards. Unless gold reverts at 1 800, expect it to go upwards to 1 825 that may be a possible target for bulls where the price will form a local high to go down again. If the bullish push will be more extended, the resistance level to watch will be 1 850 that will only be the mark thatll confirm if the downtrend will stay in power.

XAU/USD chart