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Gold bulls need to break above $1,830 in order to get a new bullish signal.

Gold price got rejected at $1,830 for the third time last week. Price turned back towards $1,814 and is now consolidation between $1,810-$1,830. It is time to be patient as there is no clear direction for Gold.

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Red line - major resistance

Green line- major support

Red rectangle- short-term resistance

Gold price is still inside the medium-term triangle pattern as shown in the Daily chart above. Gold price is in the middle between the two major trend lines. If Gold price breaks above $1,830, I will expect price to continue higher towards $1,860. Support is at $1,810-$1,800 and failure to defend it, will most probably lead price towards the green support trend line.

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


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