Gold is trading at $1,976 and is expected to jump higher in the upcoming period. The price has climbed as much as $1,986 level, registering another all-time high. Personally, I would like to see a minor decrease, retreat, before the gold price resumes its uptrend, in this way we'll have another buying opportunity.
The yellow metal is trading within an up channel. Amid the bullish outlook, the price could go on with the current upward movement as long as it stays above the uptrend line and above the $1,920 level.
- GOLD Trading Tips
Gold buyers are very strong, so the price could increase further, the next upside target is seen at the $2,000 psychological level. The price could jump higher anytime without a temporary decrease, retreat.
Technically, the price could approach and reach the upside line of the ascending channel, it could pass above the $2,000 level if the COVID-19 crisis persists. The gold price has registered another historical high, so it's a little risky to buy it at this level because the price could retreat, decrease, a little in the short term before resuming the swing higher.
So, maybe you should wait for a short term decline and buy it lower, around the $1,920 level. Also, a sideways movement in the upcoming days and 2, 3 weeks could bring a long opportunity, buying opportunity. Such a development could attract more buyers and more energy for larger growth.
