Black lines - Fibonacci retracements
Red line -support
Gold price continues making higher highs and higher lows. Gold price recently lost $1,850 and tested the next immediate support at $1,840. Despite the pull back, Gold price did not break the important low at $1,827. Gold price has formed a higher low. This setup is bullish and will confirm a new bullish signal if price breaks above recent highs. Gold price has support at recent low at $1,836 where we also find the upward sloping red support trend line. Resistance remains key at the 38% Fibonacci retracement where we have seen so far two tests and two rejections. As long as Gold price holds above the support trend line, then we should expect to see a break above the 38% level and a push towards $1,900-$1,910.
