The price of gold has bounced sharply from the $1,812 support area, as traders appear to have used the latest pullback as a significant buying opportunity. Gold bulls now need to break above the $1,840 resistance barrier to encourage the next major upside breakout. The $1,860 and $1,890 levels are seen as the next major upside targets for gold bulls if the $1,840 level is overcome.
XAUUSD is only bullish while trading above the $1,820 level, key resistance is found at the $1,840 and the $1,860 levels.
If XAUUSD trades below the $1,820 level, sellers may test the $1,812 and $1,800 support levels.
