FX.co ★ Gold price recaptures key resistance showing signs of more upside to come

Gold price has broken above the resistance levels of $1,950-70 we were talking about in previous posts. Staying above this level will open the way for a new higher high towards $2,100 as long as price also remains inside the bullish channel.

previous analysis we noted that breaking above the green trend line resistance and bouncing off the lower channel boundary were bullish signs and that this week Gold would try to recapture the $2,000 level. Gold price is $12 from reaching $2,000 and trend remains bullish. Support is now at $1,950. Bulls do not want to see price fail to hold this level.