FX.co ★ Gold challenges resistance

Gold price is challenging resistance and 2019 highs. After a rejection yesterday, price pulled back towards $1,533 which was resistance and now support. Gold bulls remain in control of the trend.

Green rectangle- support

Gold price remains in a bullish trend. Price remains above key short-term support at $1,516. Price is now challenging resistance and if we see a break above $1,555 we expect a move towards $1,570. Breaking below support at $1,516 opens the way for a correction towards $1,500-$1,475. Gold bulls however need to be very cautious as Gold price has given several bearish divergence warnings.