Gold is looking increasingly bullish in the short-term after the yellow-metal once again trades above the technically important $1,800 level. A bullish inverted head and shoulders price pattern is projecting a coming move in gold towards at least the $1,840 level. Technical buying interest towards gold is likely to further increase while the price trades above the $1,810 support level.
XAUUSD is only bullish while trading above the $1,800 level, key resistance is found at the $1,840 and the $1,860 levels.
If XAUUSD trades below the $1,800 level, sellers may test the $1,775 and $1,765 support levels.
