Gold price is trading below $1,900 and above key support of $1,850. Price has bounced once again after re-visiting the $1,850 support area. However this time the bounce got rejected again at the resistance. Traders better be patient and trade near key support and resistance levels.
Red rectangle - resistance
Gold price is now trading at $1,889. Price is closer to support than resistance. Bullish positions are favored as price is closer to sell stop level. Our preferred view is to stay neutral and turn bearish when and if price breaks support at $1,850. We do not expect that price will respect the support if tested again. We expect next time we see support tested, support will fail to hold.
