Gold is trading 1.75% higher on Wednesday as the bulls step in. The price is back above the previous all-time high of USD 1920.94 per ounce. Gold 4-hour chart The gold bugs are back in control of the market for now. The price of the precious metal has increased by 1.75% on Wednesday and the previous all-time (September 2011) high has been taken out again. On the way down there was a brief stutter at USD 1920.94 per troy ounce but the bears eventually pushed the price through the zone. The chart below shows the bulls stepped in at USD 1863.24 per ounce. That means from the highs the price of the precious metal fell 10.26% and this is quite a drop in just 3 sessions. In fact, yesterday’s 5.73% drop was the largest seen in 7 years. Now the bulls seem to be back, there are some key resistance levels to watch. The main one is the blue line at USD 1980 per ounce. If this level is broken the chances of the new all-time high being tested are much greater. The metal is currently struggling at the green resistance zone but if there is a rejection there the bulls may find support at either one of the channel lines. The lower channel line was where the price stopped during Tuesday’s session. The indicators have not turned positive yet. The MACD histogram is still red and the signal lines have not crossed the midpoint. The Relative Strength Index is under the 50 zone and has only just moved out of the oversold area. Overall the trend is still up, a good confirmation would be the MACD histogram moving back into the green. If this could coincide with a break of the USD 1980 per ounce resistance then the bull trend could be back in full swing. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Eurozone: Pace of economic recovery appears to be gathering momentum – Wells Fargo FX Street 2 years Gold is trading 1.75% higher on Wednesday as the bulls step in. The price is back above the previous all-time high of USD 1920.94 per ounce. Gold 4-hour chart The gold bugs are back in control of the market for now. The price of the precious metal has increased by 1.75% on Wednesday and the previous all-time (September 2011) high has been taken out again. On the way down there was a brief stutter at USD 1920.94 per troy ounce but the bears eventually pushed the price through the zone. The chart below shows the bulls stepped in at USD… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.