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Gold’s getting rejected for the third time at $1,830.

In order for Gold price to continue higher towards $1,860, bulls will need to break above $1,830 as we mentioned in our last analysis. Gold today tested the key horizontal resistance once again and got rejected.

Red line -resistance

Green line -support

Red rectangle- short-term resistance

Inability to break above $1,830 is a bearish sign. I do not expect to see a fourth rejection at $1,830. If Gold price approaches this resistance area again, I then would expect a break upwards and a move towards $1,860 at least. Until then, Gold price is vulnerable to a move lower towards $1,780 where we find key upward sloping support trend line.

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

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