Black lines- wedge pattern
Red lines- Fibonacci extension targets
Gold price is trading around $1,835. Gold price has broken out of the downward sloping wedge pattern. This is a short-term reversal signal and a move above yesterday's high around $1,847 will confirm the reversal in the short-term trend. Gold price has the potential to move higher towards $1,87 and $1,900 if bulls manage to recapture $1,847. This is key short-term resistance now. If Gold price starts making higher highs and higher lows we could see an upward extension in price. Support is at $1,830. Bulls do not want to see price close below $1,830.