Gold – Technical Analysis, W1

The price of gold is near an import ant level of support. It is set by the long term trend line which was tested several times in the past. Every such a test ended with a rebound and after that the price of gold reached new highs.

 Currently the price has just created the largest downward movement in the whole upward trend which shows that the bears are more active in the market.

 If the mentioned line is broken, then the gold may fall to the next support located at the FE 100% near 1414 USD level.