Gold price is trading at $1,790. For the last couple of sessions, Gold price has been trading between $1,800 and $1,781. So far the support at $1,780 has held and each time price tries to break below it, we see bulls pushing prices higher, respecting the support level.
Green rectangle- short-term support
Gold price remains vulnerable to a move lower. If support at $1,780 fails to hold, then we expect Gold price to reach $1,750. Gold could bounce back to $1,800-$1,810 resistance area for a second test. Gold remains vulnerable to a bigger correction as long as price is below the major resistance around $1,833. Gold holding above $1,780 is important if bulls will have the base to start their next move higher.
The material has been provided by InstaForex Company - www.instaforex.com