Gold Price Analysis: $1,918 offers stiff resistance
|- Gold is bid, but the upside is being capped near $1,918.
- The weekly chart favors a move to fresh record highs above $1,920.
Gold appears on track to set a new record high above the September 2011 high of $1,920, having carved out a bullish marubozu candle last week - a sign of buyers controlling the price action.
So far, however, the upside has been capped around $1,918. As can be seen in the 5-minute, the metal has faced multiple rejections at $1,918.
That said, the uptrend line from the early Asian session low of $1,899 is still intact. The weekly chart, too, is reporting bullish conditions, as noted earlier.
As such, it is only a matter of time before the metal prints fresh lifetime high above $1,920.
5-min chart
Trend: Bullish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.