FX.co ★ Gold makes new short-term higher highs

Gold price broke above recent high at $1,874 has reached as high as $1,895. We've been warning bears that recent price action favored the bullish scenario and a move higher towards $1,900.

Red horizontal lines - Fibonacci targets

Our first Fibonacci target at $1,888 has been achieved. Next target is at $1,931 but until then we have an important downward sloping resistance trend line to face. Bulls need to show strength and break above the resistance trend line. This will increase the chances of reaching $1,931. The resistance trend line is at $1,915.