Gold price has respected the key upward sloping support trend line we mentioned in our previous posts. Gold price is now bouncing higher for a second day as price pushes above $1,800. Gold price remains trapped inside the long-term triangle pattern.
Green line - support
Black lines- Fibonacci retracements
Gold price is bouncing off the green support trend line. Next resistance level is at $1,808-$1,816 and $1,824. At these levels we find key Fibonacci retracement resistance levels. Bulls need to break above these levels in order to have hopes. Major resistance is at $1,855 where we find the red downward sloping resistance trend line. Gold price has the potential to continue higher towards $1,855 as long as price holds above $1,784.
