Gold price is bouncing today and we explore the bullish targets if bulls manage to hold price above recent lows. We were expecting for a deeper pull back towards $1,800 but we need to prepare for the scenario that this might not come.
Red horizontal lines - Fibonacci expansions
Support for Gold is found at recent low at $1,819. If this level breaks, we push lower towards $1,790-$1,800. Holding above this level could push price towards $1,888 first, to $1.913 as a second target and finally to $1,931. Resistance is at recent high at $1,874 and breaking above it will be the key to reach $1,900-$1,913 which the most probable area to see if bulls remain in control.
