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FX.co ★ Another rejection for Gold price.

Another rejection for Gold price.

Another rejection for Gold price.

Blue line- resistance

Black line- support

Gold price is under pressure. Bulls managed to briefly push price above the blue downward sloping resistance trend line, but they were not strong enough to break it. Price got rejected once again at the blue resistance trend line, confirming its importance. Gold price is also testing the medium-term black support trend line coming from $1,625 and touching the $1,800 and $1,929 lows. The near term chart suggests that a triangle pattern is forming with lower highs and higher lows. The fact that the previous trend was bearish, the chances favor a downward break of the triangle and a push in price towards $1,900. Bearish scenario gets cancelled if bulls push price above $1,970.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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