FX.co ★ Gold continues to respect weekly support.

Red line -support trend line

Gold price ended the week around $1,838, after making a low close to $1,804. Gold price remains vulnerable to a move lower as long as price is below $1,880. On a weekly basis price continues to trade above the long-term upward sloping support trend line. Support by the red trend line is found at $1,793. Holding above this level is crucial for bulls. Failure to hold above it, will destroy any chances bulls have more another test of $1,900. Last week price closed off its lows, but still it was the lowest close of the last 4 weeks. Long-term trend remains supportive due to the red trend line.