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Gold technical analysis.

Gold price broke above key short-term resistance today and price is now back testing the break out area. Gold price has the potential to confirm a major low in place if it manages to hold above $1,790-$1,800.Gold price could start from current levels a new upward trend.


Blue line - resistance

Gold price is back testing the broken resistance. Price has made a new higher high at $1,814.45. Bulls need to push price higher into the close as the Daily candlestick pattern would not be favorable to the bullish scenario. Support is found at $1,790. With price breaking above $1,800 earlier today, I believe it is more probable to see a pull back with a higher low for Gold price around $1,780-90. A move below $1,780 will increase chances of a new low towards $1,740. Breaking above $1,815 will be a sign of strength and Gold could continue next towards $1,860.

The material has been provided by InstaForex Company -