Gold has resumed the bullish movement and now is pressuring the $1,800 level. Technically, the price is expected to take out this obstacle and to approach and reach fresh new highs. The uptrend was confirmed by several retests of a dynamic support, I believe that only a significant reversal pattern on the $1,800 could send the quote down again.
The gold price has resumed the uptrend, neglecting the latest US data. The global risk is high and the yellow metal is very attractive. The USD further drop could attract more buyers.
The gold price was rejected by the median line (ml) and by the PP ($1,773), confirming further growth. The aggressive breakout above the sliding line (sl) and above the R1 ($1,790) has suggested buying.
The upper median line (uml) of the minor orange ascending pitchfork could attract the price as long as it is trading above the inside sliding parallel line (sl). The R3 ($1,821) is seen a potential target as well.
- GOLD Trading Opportunity
The last bullish candle has signaled a further increase, but we still need confirmation, so maybe you should wait for a valid breakout above the $1,800 psychological level before going long with a target at the upper median line (uml). The upper median line (uml) and the R3 ($1,821) could be potential obstacles/targets, a valid breakout above these levels will announce a major upside movement.
Gold is bullish as long as the price is located above the median line (ml) of the orange ascending pitchfork. Only a major bearish engulfing or a false breakout with a huge separation above the $1,800 will signal that the upside is finished.
