Short-term technical analysis on Gold

Gold price continues to trade above $1,800 but still trapped between $1,834 and $1,790. Today price tested the resistance and confirmed the importance of the $1,834 level. Price got rejected. This is important price action because it gives increased importance at our resistance.

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Blue line - resistance

Red line - support

Gold price today visited the resistance at $1,830-34 area and got rejected. This is not a good sign for bulls but if price eventually breaks above $1,834, we will be more sure of the validity of the bullish signal. Support remains key at $1,790.

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

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