Gold Price News and Forecast: XAU/USD bulls back in the game, but resistance is strong

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD breaches bearish trendline, trades near $1,830

Gold jumped 0.83% to $1,830 on Wednesday, violating the trendline falling from Nov. 9 and Nov. 23 highs. The breakout has strengthened the case for a re-test of the former support-turned-resistance of $1,850 put forward Tuesday's bullish marubozu candle.

A convincing move above $1,850 would expose the downward trending 50-day Simple Moving Average (SMA), currently at $1,880. On the downside, the 10-day SMA at $1,816 is the level to beat for the bears. A violation there would expose the recent low of $1,764.

Gold Price Analysis: Bulls back in the game, but resistance is strong

In the following series of analysis, we look at the price action of gold in a top-down illustration and derive where the next bearish opportunity could arise for swing traders.

Starting with the monthly chart, we can work our way into the daily chart and sketch out the market structure and bias. The monthly chart shows that there are prospects of a downside extension following a correction of the first significant bearish impulse.

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