Gold price retraces up to after a brief jump from the monthly low $1622, as it dropped during early Thursday morning in Europe. Covid updates from China offered intermediate bounce for XAUUSD. A recovery needs validation from a two-week-long resistance line, close to $1643 to get short-term buyers. One week-old descending trend line offers immediate support near $1618. We expect Gold to retrace up to $1640 before further movement to the downside.
Trade closed: target reached