Gold short view

The price of gold continues its retreat that began last week. The price of gold rose above the $1,780 level last week, then managed to pull back from that level to the $1,750 level. Pullback continued, and the price fell to $1,735 this morning. We are now consolidating around the $1740 level, and we could expect a new bearish impulse that would continue to lower the price of gold. Potential lower targets are $1720 and $1710, while the psychological level is at $1700. For a bullish option, we need a new positive consolidation and a return above the $1750 level. A break above and staying there would be of great help to us for the further continuation of the price recovery. Potential higher targets are $1760 and $1770, as well as last week's high at $1787.