Gold price for a second week has moved in higher levels than the previous one. Price is trading above $1,730 short-term resistance and is challenging the important downward sloping trend line resistance coming down from $1,958.
Green lines – weekly bearish channel
Red line – important resistance trend line
Gold price is challenging the red resistance trend line. Breaking above this resistance trend line found at $1,760 will be a big step towards a bigger bounce towards $1,800-$1,850 area. At $1,845 we find the upper channel boundary resistance. With time passing by, this resistance is coming lower. That is why we expect price to reach $1,820-$1,840 if price breaks the resistance at $1,760. If we see a rejection is price then we should focus on the short-term support of $1,700. Breaking below it will be a sign of weakness and we should expect a move towards $1,620-$1,640 to follow.
The material has been provided by InstaForex Company – www.instaforex.com
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