FX.co ★ Technical analysis on Gold.

Red line -trend line support

Gold started the week higher reaching as high as $1,940 at the beginning of the trading session. Price started trading the week right on top of the key short-term resistance and cloud resistance that we mentioned in a previous post. So far bears remain in control as price has failed to break resistance and is moving lower. Long-term support trend line coming from March 2021 lows remains intact. Currently this long-term support is at $1,790-$1,800. Bulls need to defend this support at all costs. Failure to do so will lead Gold price towards $1,700 and maybe lower. Short-term resistance remains at $1,840-60. So far bulls seem too weak to break it.