Blue line- resistance
Black line- support
Gold price is trading around $1,955. Price remains above the key black upward sloping medium-term support trend line but has also started forming lower highs connected with the blue downward sloping trend line. Bulls need to push price above the blue downward sloping resistance trend line. This resistance is now at $1,966. Price also forms higher lows respecting the black trend line. Support is now at $1,942. Bulls do not want to see price fall below $1,942. There are increased chances of a bullish trend reversal but we have no confirmation yet.
