Gold prices appear to be uninspired by silver's rally however. Technically, the prices continue to range between $1,810-1,870 and waiting for fresh catalysts. Breaking above $1,874 will likely allow further upside potential with an eye on $1,908 (61.8% Fibonacci retracement). MACD is hovering around the centreline, reflecting a lack of price direction.
A decisive close above that resistance trendline is required to keep the bulls in play. If the precious metal finds enough buyers to pierce the $1,874 level, the door would open for the 50% Fibonacci of $1,920. Higher, the 61.8% Fibonacci of $1,955 could be a heavier burden, a break of which would push the price out of the neutral structure, and towards the key $2,000 mark.
In the event of a downside reversal, the supportive trendline stretched from the March lows, could provide another opportunity for a rebound with the help of the 23.6% Fibonacci of $1,837. If it fails to do so, selling pressure could strengthen towards the $1,825 barrier.
