Gold price shows some signs of a reversal. At least in the near term Gold price seems to be starting a bounce higher targeting $1,850. Price has broken a short-term downward sloping resistance trend line at $1,820 and is now trading at $1,830. Gold price has formed a higher low and a move above $1,834 will increase dramatically the chances for a move towards $1,850 and higher.
Red lines- Fibonacci extension targets
Gold price is moving higher towards $1,834 recent high. A break above it will provide us with the first bullish signal and first short-term trend reversal confirmation. At $1,855 we find the 100% Fibonacci extension target and at $1,884 our second target. Support is found at recent lows at $1,806. Bulls do not want to see price break below this level. This would be a sign of weakness and could push price to new 2022 lows.
