Gold price is moving lower again today at $1,866 after getting rejected at $1,900. Price is still respecting the recent low at $1,819 and the upward sloping trend line support connecting this low and the November 30th major low at $1,763.
Red line - short-term support
Gold price is pulling back after a whipsaw move yesterday. Rejected at $1,900 but supported at $1,855, Gold price is again under pressure. If price breaks below the red trend line support then we should expect a test of the $1,820 low. Breaking below it will increase the chances of making new lower lows relative to the November $1,763 low. Bulls need to continue the sequence of higher highs and higher lows and recapture $1,900. This will be a major win for bulls and will indicate that a move towards $2,000 is next.
