Gold price has not managed yet to break above the key resistance at $1,750-60. Price remains below a short-term trend line resistance and is mostly moving sideways, for the last 10 days, inside a trading range.
Blue lines – trading range
Red line – major resistance
Green line – support
With a lower boundary around $1,720 and a higher boundary around $1,740, price is moving sideways since March 11th. Traders need to be patient and wait for price to at least break out of this short-term price range. As long as price is below the red downward sloping resistance trend line, bears will remain in control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
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