Gold price has respected key support at $1,900 and got rejected again at the key resistance around $1,950-60 area. This has made us rearrange the type of triangle pattern Gold price follows.
Pink lines - triangle pattern
Recent price action has given us a clearer picture on the short-term resistance and support levels on Gold. $1,900 remains a key support level and if broken could push Gold price back to $1,800. Resistance remains key at $1,965 and as long as bulls do not break the triangle pattern to the upside, there is room for a failure. Breaking above $1,965 will most probably push Gold price to new 2020 highs.
