Gold is nearing key resistance!

Gold has been trading in a strong upward trend recently and during today’s session price broke above $1900 an ounce, a level not seen since early January amid general dollar weakness and ongoing inflation concerns. Currently price is approaching the upper limit of the ascending channel which lies near major resistance at $ 1920 / oz and the  61.8 Fibonacci retracement of the large downward move launched at the beginning of August 2020.

If the current sentiment prevails, the nearest resistance lies at $1,957.77, where highs from November 2020 and January 2021 are located. On the other hand, if sellers manage to halt advances here, then downward impulse towards support at $1877.82 may be launched.