Gold price was very volatile the last couple of days with price touching $1,850 three times and testing resistance at $1,863-68 five times. Most probable outcome would be for price to move lower towards $1,800, but traders need to be patient and not front run the market.
Blue rectangle - support
Gold price tested the $1,850 support twice yesterday. This is promising for bulls. Breaking above $1,865-70 would be a bullish sign and would push price towards $1,900. However I expect the new higher high if it comes, to be accompanied by a lower high in the RSI and a bearish divergence warning. I believe it is time Gold makes a corrective pull back. Breaking below $1,850 would be the signal that confirms the start of the pull back. My first target is at $1,830 and next at $1,810.
*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.
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