Gold price is trading above $1,850. In previous posts we mentioned several times the importance of the pivot level of $1,850. Holding above it is a good sign. The weekly candlestick of Gold price suggests that price is supported.
Although this week started with Gold price under pressure testing major support levels at $1,800, Gold bulls came back and recaptured $1,850. Gold's weekly candlestick with a long lower tail is a bullish sign and that bulls remain in control of the trend. Resistance is key at $1,890. If bulls manage to break above it then we will talk about a major low at $1,809 last week and a new upward move that could push price above $2,100. If Gold bulls are unable to break $1,890 and price fails to hold $1,840-30, then the probability of a move below $1,800 towards $1,730 will increase.
