Gold is looking ready to rally again as the inflation fears surrounding the US economy are causing precious metals and commodities to rally. A lower time frame analysis shows that the price of gold could surge towards the $1,840 area if the $1,800 level is broken. Any moves back towards the $1,775 area is likely to be seen as a buying opportunity by short-term gold bulls.
XAUUSD is only bullish while trading above the $1,775 level, key resistance is found at the $1,800 and the $1,840 levels.
If XAUUSD trades below the $1,775 level, sellers may test the $1,765 and $1,756 support levels.
