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

 

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