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18.09.201823:09 Forex Analysis & Reviews: Technical analysis of Gold for September 19, 2018

Long-term review

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Gold price remains inside a bearish channel and recently touched its upper channel boundary and got rejected. Gold price is vulnerable to the downside specially if support at $1,190 fails to hold.

Red lines - bearish channel

Red rectangle - short-term resistance

Yellow rectangle - resistance

Gold price is challenging short-term resistance at $1,205 and $1.210. As long as price is above $1,190 support, we remain optimistic for another push higher towards $1,220. Breaking out of the bearish channel would be a very important event. A rejection however at $1,205 could lead to a move lower towards $1,170 at least.

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