Gold seems undecided in the short term after escaping from the down channel. It hovers around the $1,900 psychological level, so we have to wait for a fresh trading opportunity, signals before deciding to go long or short.
The bias remains bullish, gold could increase, as long it stays above the $1,900 level. Dropping and stabilizing under this psychological level could indicate a deeper drop towards $1,850 static support.
From the technical viewpoint, an increase, jump above the former near-term highs validates further growth. This scenario could bring us a great buying opportunity.
- GOLD Trading Tips & Conclusion
We could buy gold again from above the $1,935 level with a short term target at the $2,000 level. Passing and stabilizing above this upside obstacle validates a potential increase towards the $2,075 all-time high.
