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Gold breaks out of short-term trading range.

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Gold price is trading above $1,950-60 where we found the upper trading range boundary. Long-term trend remains bullish as price continues to respect the long-term trend line support coming from $1,200.

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Blue lines- trading range (broken)

Gold is now trading above the trading range making a push above the highs of the last three weeks. Short-term trend is bullish. Support at $1,900 has held and Gold is now recapturing higher levels.

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Black line -long-term trend line support

Gold price has made a double top around $2,070. Price got rejected the second time price reached $2,070 and back tested the $1,900-$1,880 area where we find horizontal support from the high made in May of 2021. As long as price holds above the black upward sloping trend line bulls are in control of the weekly trend.


Trading analysis offered by RobotFX and Flex EA.
Source #RobotFX Team
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