Green lines -Fibonacci retracement levels

Gold price is again in a short-term bullish momentum. Price broke yesterday above the key resistance of $1,763 and provided us with a new bullish signal. Today price is challenging the 38% Fibonacci retracement and previous top at $1,785. Gold price has the potential to continue even higher towards the 50% Fibonacci retracement at $1,840. Previous resistance at $1,763 is now key support. Bulls must not let price fall below this level. A break below $1,763 will cancel any bullish scenario for a move towards $1,840. Upside potential in Gold is limited to $1,840. Between $1,800 and $1,840 we expect Gold price to complete its upward bounce that started from $1,616.