Gold has tested the upper line of the bearish channel after passing the 1765 level, but could not break it so far. ETFs’ gold positions that we discuss in the “Gold Short-Term Outlook” post are still affecting the price bearishly. Despite that, rising Covid-19 cases, Dollar Index correction, and tensions between the US and Russia over Ukraine have pushed the price upward. 1783 will be the key level for the surge to continue. If it breaks, gold may change its trend and move above 1800.
For down moves, 1765 will be key for the short-term. Below this support, 1720 can be targeted again.