Gold price last week reached the major resistance at $1,833. Price got rejected and is pulling back. It is important for the longer-term trend for bulls to break above $1,833 as this would be a major bullish signal. Until then price remains vulnerable.
Blue line- horizontal resistance
Gold price has stopped its advance at the horizontal resistance of $1,833. Bulls need to break above this horizontal resistance level in order to continue higher towards our $1,855-60 target area. Price continues making higher highs and higher lows. Failure to stay above $1,800 will be a sign of reversal. This is not something bulls want to see.