Gold price is trading near $1,830 challenging the major downward sloping resistance trend line coming from its all time highs. Gold price is making new higher highs today and remains in a bullish short-term trend after our reversal and bullish break out from $1,810.
Between $1,830 and $1,850 there is a big resistance zone. Gold bulls need to break above this level in order to hope for a bigger bounce towards $1,900 and higher. Support remains key at $1,758 and as long as price is above this level, bulls are in control of the trend. Currently price is at a point where it is not favorable to open new long positions, as price is very close to key resistance and chances of a rejection are high. Any pull back would be considered as a buying opportunity and it could be the formation of a higher low in order to make higher highs later. Concluding, although Gold is in a bullish short-term trend, traders better be patient and wait for a pull back as price is close to major resistance. If Gold breaks above $1,850, Gold will have potential to make new highs.
