Technical analysis of Gold for September 21, 2018
Dollar weakness yesterday helped Gold rise towards its August highs and major short-term resistance and upper channel boundary. Longer-term trend remains bearish. Gold price is at major short-term resistance.
Red line – resistance
Blue line – short-term support
Green lines – bearish channel
Gold price is trading near short-term resistance at $1,210. Here we also find the upper channel boundary resistance. A break above this level will open the way for a push towards $1,220-30. Support is at $1,200 and as long as price is above this level trend will remain mildly bullish.