Red line -channel resistance
Blue line- horizontal resistance
Gold price is challenging the short-term resistance of $1,725 and is very close to turning short-term trend to bullish. Price is above the horizontal resistance and has potential to move even higher towards $1,750 area where we find the upper channel boundary resistance. Gold price has started making higher highs and higher lows after the double bottom around $1,690. Price has made three attempts to break above $1,725. On the fourth attempt we seem to be successful as prices today are above the horizontal resistance. If bulls manage to hold price above $1,710, then we should not be surprised if Gold reaches at least $1,750-60. Concluding, key support at $1,710. Bulls need to defend this level in order to continue higher.
