FX.co ★ Gold bounces off support

Gold price has held above the key short-term support at $1,790-95 area. In our latest analysis we noted that it was favorable to open new long positions for short-term traders as price was very close to key support and stop loss levels.

Blue rectangles - triple top

Black line - resistance trend line

Gold price remains in a bullish trend. Price the last couple of days is moving sideways. So far we have a triple top formation. Resistance has been confirmed at $1,814 and a break above it will be an important short-term bullish signal. Support at $1,79-95 has also been confirmed as price has visited this area three times so far and each time price bounced. Breaking below this level will open the way for a deeper correction towards $1,750. As we explained yesterday, since price is above key short-term support we prefer to be bullish. Breaking above the black trend line resistance and the triple top will increase the chances for a move towards $1,830.