Gold spot XAUUSD closed yesterday above key resistance at 1,780. However, 55 SMA and the falling upper trend line, parallel offset from the lower falling trendline, seems to provide some resistance. It can be a bit of a struggle for buyers to push XAUUSD higher.
However, if they succeed in pushing gold prices above the falling trend line a move to around the 0.382 retracement of the falling channel at around 1,830 is likely. Around that level also the 200 SMA will act as a resistance combined with the declining 100 SMA.
Strong resistance at around 1,875
If buyers cannot hold up Gold and the price slips back below 1,754 bear trend resumes for a new test of 1,680.