Gold price action suggests that the metal has been trading with a bearish bias after bears taken control and rejected the up move at 1831.

Double top formation is clearly visible on 4 Hour time frame chart and as a result Gold fell sharp to test 1782 shedding almost $50 from swing high of 1831

Fibonacci retracement from 1753 major low and 1831 recent high indicates that the mean level of 50% at 1792 and another 50% Fibonacci level of retracement measured from 1678 low of March 2021 to 1916 high of May 2021 at 1798 are critical for further price behavior.

Sustained move above 1792-1798 can extend recovery in Gold to 1825 while weakness below 1798-1792 may erase any gains and extend the decline to 1783 and 1771 which is acceleration point to major support 1753

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