FX.co ★ Weekly Gold analysis.

Gold price is higher for the second week on a row. Price remains trapped inside the long-term triangle pattern. Short-term trend is bullish and as we mentioned in previous posts, Gold has potential to reach $1,860.

Green line - support

Gold price is positive for the second week. Price is moving towards our $1,850-60 target where we also find the red downward sloping resistance trend line. As long as Gold is below $1,850-60, we remain cautious as another move back towards the green support line will be highly probable. On the contrary, inability to break above the red resistance trend line will lead to a move towards the green support. Short-term trend is controlled by bulls. Medium-term trend is neutral as there is no real progress with Gold price.