After breaking above the $1755 key level, Gold has rallied further. Currently, the precious metal faces resistance at the key level of $1800. An emerging bullish reversal pattern could indicate that in the short term, Gold will seek to breakout past the $1780 key level. Should the price break this key level, $1800 may be seen in the near term.
On the other hand, the 200 daily moving average may continue to weigh on the metal from it’s current $1857 level. Despite the room to breath for bulls, sellers may look for an opportunity at the $1780 levels and even further selling may occur should the metal trade below $1755.