Gold price last week tried to reach the important resistance area of $1,850 that was once major support. Price got rejected and turned lower. As we explained in our last analysis, Gold price is expected to pull back towards $1,814 at least. Today the first important short-term support at $1,820 was tested.
Blue rectangle – major resistance area
Black lines -Fibonacci levels
Gold price started the week under pressure with price reaching lower towards $1,820. Support was respected and Gold price is now again at $1,830. Gold price remains below key resistance and we prefer to short any bounce as long as price is below $1,850. If support at $1,820 is broken we expect price to reach $1,815 and then $1,795-$1,800 which is the most important short-term support level.
The material has been provided by InstaForex Company – www.instaforex.com
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