FX.co ★ Gold gets rejected once again at short-term resistance

Gold price tried to break above short-term resistance of $1,430 but price got rejected once again confirming the inability to break and stay above $1,430. This will eventually lead prices lower as we previously said Gold price is vulnerable to more downside.

Black line - resistance(broken)

Green rectangle - support area

Red rectangle - resistance

Blue rectangle - target if support fails to hold

Gold price continues to trade between $1,410-40. Price got rejected today on its attempt to break above the resistance area. This lead to a reversal and price is now trading $1,423 from $1,433 today's highs. Support is key at $1,410-$1,400 and a break below this area will open the way for a move towards $1,350-60. As long as price remains below today's highs at $1,433, we remain pessimistic for the short-term trend.