Gold price had a strong positive week with a low at $1,459 while in the end it closed near its highs at $1,504. $1,500 remains a pivotal price level and as long as price holds above it bulls could make another try to break the weekly resistance at $1,535.
Green line -major long-term support trend line
Gold price ended last week above $1,500 having a positive week despite the deep pull back towards our first target of $1,460. Price bounced strongly and closed above $1,500. However the important resistance is last week's high at $1,536. A break above this level will open the way for $1,600. Bulls however need to be very cautious as the weekly RSI is turning lower below 70. A break in price below last week's low would be a very bearish sign.
