Gold price has broken the short-term resistance and confirmed our bullish view when Gold was trading at $1,800. Gold price has reached today our target of $1,830 we focused on during our previous posts.
Blue rectangles - triple top
Black downward sloping line - resistance
Black upward sloping lines - bullish channel
Green rectangle- key short-term support
In a previous analysis back in July 16th when price was challenging the green support rectangle area, we mentioned in our post that current price condition favors bulls as price was close to key support and upward potential was big. We also mentioned in another post that a break above the triple top formation and the black downward sloping trend line resistance would confirm our bullish view and price would push towards our next target of $1,830. This target area was also given a few weeks back as the second target of an inverted head and shoulders pattern.Trend remains bullish for Gold as price continues to trade inside the black upward sloping channel.