Gold price is getting rejected at the $1,910 resistance area. Price is turning lower but bears need to do a lot of work in order to hope for a deeper pull back. Price is still in a crucial junction trading right on top of the major resistance area of $1,900-$1,910.
Red line- trend line resistance
Price is still not clear of the resistance area and the trend line resistance. As long as price is below them the chances for a rejection and move lower are higher. Bulls need to recapture $1,920 and then $1,950-60. Bears need to push price lower and break below $1,895 and next $1,850 in order to hope for a bigger decline. At current levels we prefer to be neutral and go short if price breaks below $1,895 or go long if price breaks above $1,920.
