FX.co ★ Gold respects support

Gold price pulled back yesterday to $1,855 challenging recent low and trend line support. Price today is bouncing. Trend remains bullish as long as price is above $1,855 and the upward sloping trend line support.

Red line - support trend line

Gold price has now the potential to continue higher towards the major resistance trend line. This resistance is now at $1,910. Breaking above it will be a big win for bulls. Short-term resistance is at $1,885. Bulls need to recapture this level. Support at yesterday's lows around $1,855. Bears need to break below $1,855 in order to get momentum. As long as price is above the red support trend line we remain bullish looking for another move towards $1,900 and higher.