Gold bulls have managed to reclaim the $1,800 level and are now trying to challenge the $1,830 resistance and previous high. Price continues to trade around $1,800 since last May. Price has broken above and below $1,800 several times but has not gone too far above or below in order to start a new trend.
Green line - support
Fortunately for traders price has formed a triangle pattern. This is helpful for traders because the trading range is tightening and soon we should have a break out. Key resistance is at $1,857 and key support at $1,770. Gold price could continue until March to trade inside this trading range until it breaks it. In the near term price looks more probable to test the Red resistance trend line than the green support trend line. The medium-term trend is unclear.
