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Gold remains above key short-term support.

Gold price yesterday back tested the broken upper triangle boundary around $1,840 and today price is bouncing. Technically trend remains in a bullish trend as price is making higher highs and higher lows. Price broke out and above the long-term triangle pattern and respecting the previous resistance which is now support, is key for the short-term future of the price.

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Red line -resistance (broken) now support

Green line -long-term support

Gold price is at a very important junction. Breaking above the red resistance trend line is an important bullish signal that has huge implications for the future. Continued respect of the green support trend line combined with a break above the red resistance, will lead to an even bigger rise in Gold price in the future. Trend remains bullish. Bulls will only lose control of the trend in case price breaks below the green support trend line. Until then, any pull back is considered a buying opportunity.


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