- Gold is back to defend the long-term support at $ 1,850.
- A rebirth upward movement needs a close above the November 6 high.
Gold is currently trading above $ 1,865, after hitting lows near the $ 1,850 level on Thursday. That level offered support several times in the second half of September and early this month.
As such, $ 1,850 is the level to beat for bears. A breakout would validate the large bearish engulfing candle created on November 6 and open the doors to the psychological level of $ 1,800.
On the other hand, a close above the November 6 high of $ 1,965 is needed to reignite the broader uptrend. The yellow metal is up 23% this year.
Daily chart gold
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