Gold price has managed to hold above the critical support area of $1,400 and is now challenging again the resistance area of $1,450 and 2019 highs.
Red rectangle - major support area
Gold price shows resilience as support at $1,400 was tested and respected. Price did not break down and the RSI is being relieved from overbought levels. Gold price challenges the resistance of recent highs. Breaking above it combined with a new higher high in the RSI could lead to a move towards $1,500-$1,525. Gold trend remains bullish as long as price is above $1,400. Short-term support is found at $1,430 and next at $1,415. Resistance is found at $1,450. A weekly close above $1,450 would be very bullish for Gold.
The material has been provided by InstaForex Company - www.instaforex.com