Gold spot price is consolidating just above the threshold of $1,900. After an unsuccessful attack to $1,930, the price collapsed below $1,900, but buyers were ready to sustain bullion. Prices are moving in a relatively tight lateral trading range between $1,880 and $1,930, while yesterday’s decline was curbed at around $1,894 – well above the lower edge of this channel.
From a technical point of view, prices rebounded on the dynamic support that we can obtain drawing together the recent series of lows shown by gold. This is confirming a moderate positive set for the gold price, and a clear break out of $1,930 would be required for any further bullish rally.
