Gold pulled back from a new weekly high last Friday. The market opened at 1821 and the price reached the day-high before the European session early in the trading day. Once the US released the retail sales figures, the price has begun to turn weak. It touched again 1815 and the market ended at 1817, down by USD 4.

The price tested a new high again last Friday but was once again rejected by the resistance zone 1825-28(2). As the price broke the support trendline(1), the buying momentum is slowing down. Expect the price to bounce between 1815-28(3) for now.

Gold successfully defended the 1815 support, maintaining its position between 1815-31(5) trading zone in the daiy chart. As long as the price stands above 1815, we can still expect the price to springboard higher. Be patient…

S-T Resistances:

1830-32

1825

1820

Market price: 1819

S-T Supports:

1815

1810-08

1802-00

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