Red line -weekly support trend line
Purple line- major pivot area
Gold price has started the week very quietly relative to the last week which was very volatile. Gold price continues to trade around the $1,840-60 area which is considered a pivot area. This price range attracts Gold price like magnet and no break out or break down has so far been able to create distance from this level. Prices get pulled back towards this area again. Gold price continues to respect the long-term upward sloping red support trend line. As long as price is above $1,800-$1,790, bulls have hopes for another move higher towards $1,900. In the near term bulls will need to break above $1,860 and stay above it in order to hope for a challenge of the $1,900 level. Price has made no real progress over the last couple of months as price is attracted towards the $1,840-60 zone. Traders need to be patient.
