Gold is trading at $1,770 and continues to be strongly bullish, most likely it will approach and reach fresh new highs in the next days. The USD's drop has helped the yellow metal to grow in the short term, also the potential COVID-19 second wave could push the rate way higher in the weeks to come.
The gold price is bullish after making another higher high yesterday's session, the $1,800 psychological level could be reached soon if the dollar continues to depreciate versus its rivals.
- GOLD In The Buyers Territory
Gold has been moving higher within the orange ascending pitchfork's body, it has managed to close above the inside sliding line (sl), dynamic resistance, signaling strong buyers. The price has reached the weekly R2 ($1,772) level, which it represents as an important upside obstacle, a valid breakout above this level will confirm a further growth.
The short-term major resistance is seen at the upper median line (uml) of the ascending pitchfork and at the $1,800 level, around R3 ($1,798) level. The bias is bullish as long as the price is located above the median line (ml) of the minor orange ascending pitchfork.
- GOLD Recommendations
Another higher high, jump above the $1,773 and a valid breakout above the R2 ($1,772) could bring a bullish signal, the next targets are seen at the upper median line (uml) and at the $1,800 level.
Gold is bullish, so we cannot talk about a significant drop, small decreases could give us other chances to go long. The price is bullish until the rate will develop a reversal pattern which will announce a correction in the short term.
