FX.co ★ GOLD decline seems over. Another upwards movement?

The price of Gold stood at 1,784.33 after failing to stabilize under 1,780. It decreased a little within a minor descending channel. It failed to approach and reach the downside line again signaling that the sellers are exhausted.

Further on, it jumped above the downtrend line, and the channel's resistance line is indicating that it could resume its uptrend. In the short term, it could move somehow sideways between 1,780 and 1,795 levels. The former high of 1,795 is seen as an upside obstacle. If the price jumps and stabilizes above it, it will signal further growth.

Trading conclusion

The price of Gold is likely to register important growth after breaking through the former high of 1,795. A jump above it could signal an upside continuation.