Gold price finally managed to break above major resistance at $1,800/oz and reached the highest level since February, as Treasury yields dropped below 1.60% and are hovering around 1.57%, while a weaker dollar lent further optimism to the gold bulls. Gold price broke above upper limit of the wedge formation and is currently testing local resistance at $1818/oz. Should break higher occur, the next potential target for bulls is located at $1855/oz resistance which is additionally strengthened by 200 SMA (red line). However if buyers will fail to uphold momentum, price may return to the aforementioned support at $1800/oz.
Gold, D1 interval. Source: xStation5
