In all our previous analysis we noted that for Gold price to move higher towards $1,780-$1,800, bulls will need to break above $1,720-40. Today price is moving above $1,750 and bulls remain in control of the short-term trend after the double bottom of $1,677.
Red line -short-term resistance trend line
Green lines -bearish channel
Gold price broke above the red downward sloping trend line and is now moving back above the recent highs at $1,755. Bulls has the potential to reach the upper channel boundary of the bearish channel we are in since last August. Support is at $1,732. A break below $1,732 will open the way for a back test of the red trend line. Bulls do not want to see price break below $1,732.
The material has been provided by InstaForex Company – www.instaforex.com
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