FX.co ★ Gold breaks resistance

Gold bulls start the new year and the new week with a very powerful message. Gold bulls not only recapture the $1,900 level, they also manage to climb above $1,930 on the first trading day of 2021. Gold price has broken key resistance and next upside target is at $1,980.

Gold price has broken above the upper channel boundary. Trend remains bullish in the short-term as price continues making higher highs and higher lows. The recent important low and key support is at $1,860. Next resistance is at $1,965. Momentum favors bulls and price is expected to continue higher towards $1,960-88.