Gold price is trading above $1,800. Short-term trend is bullish with a potential move towards $1,850-60 where we find the upper triangle boundary. Gold respected the lower triangle boundary last week.
Green line- lower triangle boundary
Gold price is bouncing once again off the green upward sloping support trend line. Upside potential is the red resistance trend line. We mentioned in our analysis before that trading close to the green support trend line favors bullish exposure and not bearish. Our upside target now that price is bouncing, is found at $1,850-60 area where we see the red downward sloping resistance trendline.
