Gold price is challenging the 2020 highs. Price has broken out of a two month trading range and looks like we should expect a hot summer for Gold. Price so far has respected the key support area of $1,650 and $1,700.
Gold price is respecting the cloud support and after each back test on the upper cloud boundary, prices bounce strongly eventually breaking the lower highs. We have been bullish Gold the last few weeks and as long as Gold stayed above $1,700. Gold price gave another bullish signal when price broke above $1,730 and as we showed in our last analysis, we also have an inverted head and shoulders pattern that confirms both our bullish targets of $1,780 and $1,825. Short-term support is at $1,735 and at $1,745. Gold price is expected to continue its upward move. Bulls do not want to see price fall below $1,725.
