Weekly Gold analysis
Gold price had a positive week as price moved to a higher high and above the key $1,850 resistance area. However the end of the week finds us right below the key resistance once again. Next week this will be the most important thing to look out for. A break above $1,850 will be big news and if this happens, bulls will most probably will be able to stay above it.
Blue rectangle – resistance
Gold price is trading right below the key resistance. Price moved all the way to $1,874 but price is ending the week around $1,845. If bulls manage next week to recapture $1,850 and stay above it, we could see a move towards $1,900. Support is found at this week’s low. If broken we should expect Gold price to move lower towards $1,800-$1,790 area.
The material has been provided by InstaForex Company – www.instaforex.com