Gold is trading again below $1,800. Price made a low today at $1,783, but there are still hopes for bulls to see a move towards $1,838. Gold price so far has made a higher low at $1,783. If price breaks above the resistance trend line at $1,810 then we should expect a sharp move to $1,840.
Blue line - resistance trend line
Green line - horizontal support
Red lines - Fibonacci extension targets
Gold price is making lower lows and lower highs if you see the bigger picture from last August. However in the intra day chart we might be seeing the start of a trend reversal. Maybe the double bottom will not break and price bounce from current levels. To support this scenario bulls need to break above $1,810. First target is at $1,838-40. Inability to break above $1,810 will increase chances of breaking below the double bottom. A break below $1,783 will be a weakness sign.
