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
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
