Gold price has reached our $1,480-90 target area. Price has not touched the 61.8% Fibonacci retracement or the upper bearish channel boundary yet, but price is pulling back after getting rejected at this wide resistance area.
Green upward sloping line -RSI support
Orange rectangle- target area
Gold price continues to make higher highs and higher lows. Trend is bullish in the short-term but price has stopped the advance once it reached the 50% retracement and very close to the upper channel boundary. Bulls need to break above the $1,490 resistance area in order to continue higher, otherwise there will be danger of seeing a big pull back towards the major support at $1,450-60. Traders need to keep a close eye also on the RSI as price is now challenging the green trend line support. Breaking it would give us a hint that more weakness in Gold price should be expected.
