On Wednesday, the 19th of September, the event calendar is light on important data releases. The UK will post Consumer Price Index data, Eurozone will post Current Account data and the US will present Building Permits, Housing Starts and Crude Oil Inventories data. There is a speech by ECB President Mario Draghi scheduled at 02:00 pm GMT.

Gold price remains inside a bearish channel and recently touched its upper channel boundary and got rejected. Gold price is vulnerable to the downside specially if support at $1,190 fails to hold.

Gold price tried to push move higher but price only managed to make a lower high at $1,206. A break above this level will be a bullish signal that will most probably bring price to the short-term resistance of $1,210-11. A break above this level will push Gold towards $1,220.

Gold price broke above the $1,205 resistance today and reached $1,212. Despite Dollar weakness, Gold price pulled back down towards $1,200. It is important to hold above $1,200 in the short-term. Important medium-term support at $1,190 needs also to hold for $1,220 to be achieved.