Gold price continues to trade between $1,790 and $1,780. Gold price has made no real progress over the last few days. Since November 25th price has tested the $1,790-$1,800 resistance area several times, failing to break above it every time.
Red rectangle- resistance
Gold bulls are unable so far to break above the red rectangle resistance. At the same time price has tested the green upward sloping trend line support. Price continues to respect support and therefor bullish hopes for a move higher remain alive. Failure to stay above the green line would be a bearish signal. This sideways price action could continue until December 28th, but I would expect volatility to rise and price to produce a trading signal until then. Traders need to be patient.
