Gold price is back above $1,500 and ending the week above it could turn around the short-term back to bullish. Bulls are fighting the important resistance area of $1,500-$1,505. A rejection is possible at current levels and if it happens we should expect a move towards $1,480 at least.
Black line -RSI resistance
Orange rectangles - rejections
Gold price is still inside the bearish channel. Trend remains bearish. Price is testing the upper channel boundary. The resistance here is very important. Support is at $1,480. A rejection at $1,500 at the end of the week would lead to a pull back towards the major short-term support at $1,480. Breaking below $1,480 will push price below $1,460. So all eyes are on $1,500 and if at the end of the week bulls will continue to have the upper hand.
