Gold is still look bullish in the short-term as traders continue to scoop up any price dips in the yellow-metal below the $1,800 support level. The four-hour time frame continues to show that an inverted head and shoulders pattern with at least a $50.00 upside projection is in play. Inflation fears and weakness in the US dollar index should support further gains in the price of gold.
XAUUSD is only bullish while trading above the $1,795 level, key resistance is found at the $1,818 and the $1,850 levels.
If XAUUSD trades below the $1,795 level, sellers may test the $1,790 and $1,780 support levels.