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Gold has staged a pullback towards critical trendline support, following a heavy technical rejection from the $1,800 resistance zone. A bullish inverted head and shoulders pattern still remains in play while the price of gold trades above the $1,556 support area. This current price pullback could present a buying opportunity as the mentioned bullish pattern has yet to reach its upside target.

XAUUSD is only bullish while trading above the $1,770 level, key resistance is found at the $1,800 and the $1,840 levels.

If XAUUSD trades below the $1,770 level, sellers may test the $1,765 and $1,756 support levels