FX.co ★ Short-term technical analysis on Gold.

Short-term technical analysis on Gold.

Gold price is climbing higher after the pull back towards $1,800. Price back tested the support around $1,800 as expected and is now continuing its upward move. Trend remains bullish as we said many times as long as price is inside the upward sloping channel.

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Short-term technical analysis on Gold.

Green lines - medium-term bearish channel

Blue lines - short-term bullish channel

Gold price continues to trade inside the upward sloping blue lines forming the short-term bullish channel. Trend remains bullish. Support is at the recent low of $1,808. Channel support is found at $1,795. As long as price holds this lower boundary, trend will remain bullish. The RSI has not still reached overbought levels and there is no warning from a bearish divergence. There is no sign of reversal or imminent trend change. Gold is heading towards $1,860-$1,870.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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