Gold, despite trading above recent lows, remains vulnerable. The recent bull cycle stalled last week and the sharp sell-off resulted in a break of the base of its bull channel drawn off the Aug 9 low. This highlights a bearish threat and a more significant reversal and signals potential for weakness towards $1775.7, the Dec 16 low. For bulls, a break of $1853.9, Jan 25 high is required to reinstate the recent bull theme. Initial resistance is at $1822.2.