FX.co ★ Gold bulls reclaim $1,800.

On the last trading session of last week, Gold bulls managed to break above the major downward sloping resistance trend and to close the week and the day above the trend line. Price made a high around $1,813, but bears managed to push prices lower and end the day around $1,792..

Despite making a higher high and a move above the blue resistance trend line, the Daily candlestick pattern was not very promising because of the long upper shadow (tail). Today bulls are trying to keep price above the resistance trend line and to eventually break above Friday's highs. Key support remains at $1,760 but it is also important for the short-term trend for price to remain above the trend line resistance that is now support.