Gold is looking more positive in the short-term after traders aggressively bought the latest price dip under the $1,970 support level yesterday. The four-hour time frame shows that gold is starting to form bullish higher lows and now need to post higher highs to increase buying pressure. Any technical pullbacks should be a considered a buying opportunity while $1,970 holds.
XAUUSD is only bullish while trading above the $1,870 level, key resistance is found at the $1,915 and the $1,940 levels.
If XAUUSD trades below the $1,870 level, sellers may test the $1,860 and $1,850 support levels.
