Gold Price Analysis: XAU/USD bounces from a long-held support

• Gold again defends the long-held support at $1,850. 
• A bull revival needs a close above the Nov. 6 high. 

Gold is currently trading above $1,865, having printed lows near $1,850 on Thursday. That level offered support multiple times in the second half of September and earlier this month. 

As such, $1,850 is the level to beat for the bears. A breakdown would validate the big bearish engulfing candle created on Nov. 6 and open the doors to the psychological level of $1,800. 

Alternatively, a close above the Nov. 6 high of $1,965 is needed to revive the broader uptrend. The yellow metal is up 23% this year. 

Daily chart

Trend: Bearish below $1,850

Technical levels