Bulls' and Bears' Next Eye.

The Prices of gold (XAUUSD) have started the year on a very positive note and inched higher and reached a yearly high at around $1830. Bulls have maintained their momentum above $1800 most of the day. if the momentum is maintained, 1830 could be revisited in the near term. RSI on the daily chart is trading at 51.

Failure of the bulls to attack $1830 may invite the bears who could bring back last year's $1780 price memories.

Comment:

on 4th January, i said gold would revisit $1830 which is my first resistance line in my technical chart above. It actually almost happened on 5th Jan when it reached a high of around $1829.5

RSI on the daily chart is growing from 51 to 54......which is a sign of buyers' increased momentum.

As of my writing, the yellow metal is exchanging hands at $1819/Oz. Buyers are eyeing $1850 and could start to step in and push the prices to 1830 (first stop) then 1850 where there will be a tag of war between the Bulls and the Bears.

For now, Bulls are salivating for a move past $1830.

Trade closed: target reached:

Gold moves past $1830.....next stop is $1850