At the last session of the week Gold price did not surprise us with a break out or rejection. Price is very close to key resistance but no new trading signal was given. Short-term trend remains bullish as price continues to grind higher.
Red line - support trend line
Gold price is still above the support trend line and is approaching the major resistance at $1,900. So far bulls tried to recapture the $1,900 level twice but both times they failed. Support in the short-term is found at $1,879.
Gold price is testing upper channel boundary. A rejection would be a bearish sign. A move lower towards the lower channel boundary can not be ruled out. However for this scenario to become our primary scenario, we need price to break below key support levels like $1,850-$1,790.
