Gold price is trading around $1,814. Price has retraced 50% of the entire decline from $1,876 to $1,752. Short-term trend remains bullish.
Gold price has made a major low at $1,752 and as long as price is above this level, we expect Gold price to continue higher. Next important resistance level is at the 61.8% Fibonacci retracement around $1,830. Breaking above this level is crucial for the medium-term trend. A rejection between $1,815-$1,830 is likely and this is not something bulls want to see. The formation of a lower high would be a bearish signal. Bulls want to continue to see price making higher highs and higher lows. The $1,784 level is the intermediate low between two higher highs. Bulls must defend this level and not let price fall below it. Breaking below this level would cancel any upside scenario towards $1,900.
