Gold bulls try to break resistance

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Gold bulls try to break resistance

Gold bulls try to break resistance

Gold price is trading above $1,900 again and is challenging important short-term resistance at $1,910-15 area. Gold bulls need to continue making higher highs and higher lows and in order to resume the up trend towards $1,955 and maybe higher.

Gold bulls try to break resistance

Blue lines – bullish channel

Green rectangles – higher lows

Red line – horizontal resistance

Red rectangle -target

Gold price target remains at $1,955 as long as price remains above the green rectangles. Bulls need to break above $1,910-15 on a daily basis and stay above this level in order to continue higher towards our target of $1,955. As long as price remains above $1,882 which was our stop from our latest trading plan, we remain optimistic. Breaking below $1,882 will cancel all short-term bullish scenarios.

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

Source : https://www.mt5.com/forex_analysis/quickview/191832/