Despite Dollar strength, Gold price continues to trade around $1,840-30. After having broken the resistance at $1,830, Gold price remains steadily above it. As we mentioned back then, Gold price has the potential to move higher towards $1,860.
Green line -support
Gold is trading inside this long-term tightening triangle formation. Short-term trend is bullish since the $1,752 low as price is making higher highs and higher lows since then. Gold price got rejected three times at the red resistance trend line. So one thing is for sure, the $1,860 where we find now the red resistance trend line, is important resistance and we expect to see a big test for traders there. Gold price is near major resistance. This is not ideal for opening new bullish positions. Traders need to be cautious. Support is found at $1,830 and next at $1,815. Bulls do not want to see these levels broken.
