In our previous analysis on Gold we noted the upside potential towards $1,825. Gold price has made no real progress today. Price remains above key short-term support at $1,793. If bulls manage to produce a higher high, then we will get our second bullish signal.
Blue lines- expected path
Black lines - Fibonacci retracements
Gold price has many chances of reaching the 61.8% Fibonacci retracement around $1,825. This is also key short-term resistance. Breaking above it will open the way for a move towards $1,850-60. Until then we remain cautiously bullish as long as price is above $1,793.
