Gold price after breaking above $1,797 resistance has not looked back. Price has exploded higher and has already reached the first target area of $1,837. Now price is above $1,840 and is heading towards our next target of $1,868.
Green lines - bearish channel
Gold price is approaching the upper channel boundary of the downward sloping medium-term bearish channel. Since the break of $1,740 we have been talking about reaching the upper channel boundary. Recently price provided another bullish signal at $1,800 and so far one of our targets has been reached. Next target is $1,868. The upper channel boundary is around $1,880. Support is found at $1,800. If price falls below this level, then we will have a trend reversal.