Gold price is trading just below the recent highs of $1,830. Price pulled back towards $1,782 and is now testing the recent highs once again. As we explained in our previous post, Gold price is trapped inside a tightening range.
Green line - support
Red rectangle- recent highs resistance
A rejection at $1,830 will lead to another pull back towards the green upward sloping support trend line. Gold bulls need to break above $1,830 in order to produce a new bullish signal. This will most probably lead price towards $1,857-60 where we find the red downward sloping resistance trend line. Medium-term trend remains neutral as price mostly moves sideways around the $1,800 level.