Gold price yesterday break above the neckline resistance at $1,825. As we mentioned in our past analysis, this would trigger a bullish signal that would have as a final target the $1,950. Gold price today is showing some follow through strength after yesterday's signal.
Green lines- Inverted head and shoulders pattern
Gold price today reached $1,867 but is now trading just below $1,850. Gold price is in a bullish trend showing major reversal signals. Support is at previous resistance at $1,825. Gold price has major support at $1,758. I expect Gold price to continue higher over the coming weeks, specially if Gold bulls manage to recapture $1,860 and stay above it. This would be an added sign of strength.
