Gold is trading at $1,803 level and is fighting hard to stabilize above the broken $1,800 psychological level. You can notice that the uptrend is unharmed as the rate is traded above the red uptrend line, so the outlook is bullish.
The yellow metal has confirmed further growth when it has ignored the former resistance line, the price has jumped and stabilized above the black resistance line confirming a further increase at least till the $1,800 level.
The consolidation, accumulation above the $1,800 psychological level could give us a chance to buy gold as well if you are not long already. The global risk and the COVID-19 second wave fear makes gold very attractive, the traders and investors want to place their money into safe-haven assets/instruments like the yellow metal. The higher demand could push the price towards fresh new highs and maybe you want to catch the uptrend as well.
- GOLD Trading Tips & Recommendations
The outlook is bullish as long as the gold price is located above the $1,800 and above the uptrend line, another peak high, higher high, will bring another buying opportunity. We may have a good long opportunity if Gold reaches the $1,820 level, you can set your first upside target at the $1,850 psychological level.
Further growth will be invalidated if the price drops and stabilizes below the uptrend line, this scenario will bring a potential selling opportunity because most likely the price will turn to the downside, will give birth to a corrective phase, downside movement.
