Gold price is trading around the major resistance area of $1,850-60. This was once key support and it is key resistance now. Price briefly broke above the resistance area today but price is under pressure once again.
Gold price has made an impressive reversal off the $1,763 low. Price has climbed steadily nearly $100 and reached major resistance area. Short-term support is found at $1,832 and next at $1,806. Bulls want to see price pull back to $1,800 and form a higher low. Best entry area for longs is around the 61.8% Fibonacci retracement. If bulls manage to hold Gold price above $1,800 on a weekly basis, we could see over the next couple of months Gold price reach new all time highs.
