FX.co ★ Short-term view on Gold.

In our previous analysis we warned traders that Gold price justified a pull back towards $1,840. Gold price today made a new higher high at $1,878 but it was not sustained. Price quickly turned lower and pulled back as low as $1,844.

Green line -support

Gold price is back testing the broken red trend line which was once resistance and is now support. Gold price reached the exact key support level we mentioned yesterday. So far price respects support and remains above it. As we said yesterday, a break below $1,840 will push Gold price towards $1,815. As long as price is above the green upward sloping trend line, medium-term trend will remain bullish.