Gold prices are testing very important support level at $1890-1910 per troy ounce. If this level will be broken we may expect prices to slide towards $1800 per ounce. I do not believe this support level will be passed, as prices are likely to draw a third ”bump” on charts and rebound to $1945-1955 per ounce in August. A true breakthrough of this support could be expected in September.

However, everybody should have a plan B. So, I will be watching for a possible retest of $1890 per ounce from the downside. If this retest would be successfully performed I will open a short trade with a target at $1810-1830 per ounce and a stop-loss at $1925.