Gold bulls are fighting to recapture $1,850 key pivot resistance. Short-term trend is positive as price is making higher highs and higher lows since bottoming at $1,784 on February 4th. Traders need to be very cautious around $1,850 as a rejection here could bring price back to $1,780-90.
Red lines – bullish channel
Gold price is inside a short-term bullish channel. Support by the channel is at $1,840 and next at $1,810. Breaking below $1,810 will open the way for a move below $1,800 and could very likely bring new lows. If bulls manage to make a higher low around $1,815-25 and turn price higher, then we could see a move to $1,900. At current levels around $1,850 I prefer to be neutral if not bearish. Recapturing $1,850 on a weekly basis will make me turn bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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