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Weekly analysis on Gold.

Gold price ended the week just above $1,800. Observing the weekly chart we see price respecting the upward sloping green trend line support from $1,200.

analytics60fc3fa46d9d6.jpg

Green line - support trend line

Gold price is in a weekly bullish trend despite the decline from $2,076 to $1,670. Major support is at $1,740 and resistance at $1,910. As long as price is above $1,740 we expect to see a new higher high above $1,910 and eventually above $2,100. Breaking below $1,740 will be a sign of weakness and could push price lower towards $1,500. Risk reward favors bulls at current levels.

The material has been provided by InstaForex Company - www.instaforex.com