Gold price is trading at $1,778. Trend remains bullish as price continues to respect the upward sloping channel since $1,677. A reversal below $1,770 will be the first sign of weakness and the start of a Gold pull back.
Green lines – bullish channel
Gold price has short-term resistance at $1,783. Bulls need to recapture this level in order to push higher to new higher highs towards $1,806. If price breaks out of the bullish channel and price falls below $1,770, then we should expect more weakness to follow and price to fall towards $1,740-$1,720. For now trend remains bullish and bulls in control. Price is very close to key support and trading conditions favor bullish exposure.
The material has been provided by InstaForex Company – www.instaforex.com
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