Gold price broke out and above the downward sloping trend line resistance. This week started on a negative note but as long as price is above $1,890 we remain optimistic for next few weeks.

analytics5f84cf5970e0a.jpg

Red line -resistance

Blue line -support

Since the bottom in mid-September, price is making higher highs and higher lows. Support is at $1,890-$1,900. Holding above this level is key for bulls. If price breaks below this level we expect Gold to reach $1,860-$1,800. Next resistance level Gold bulls need to overcome is at $1,965-75.

The material has been provided by InstaForex Company – www.instaforex.com

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