FX.co ★ Gold breaks bullish flag to the upside.

In our last analysis on Gold we noted a bullish pattern formation. Price was forming a bullish flag pattern and today price is breaking out of this pattern. Such a break out gives us a target for Gold at $1,850.

Black lines - flag

Blue line- expected path

Gold price has broken above the short-term resistance of $1,790-95 and is now trading at $1,803. Gold price is making higher highs. Support is at $1,775 and as long as price is above this level we remain bullish targeting $1,850. Next resistance is at $1,810 and next at $1,835.