Gold continues to rise up in the earlier sessions. It may reach its multi-week high.The precious metal managed to attract bulls on the last trading week and was supported by a combination of factors. The US dollar struggled to sustain its modest intrady recovery gains, which, in turn, extended some support to the dollar-denominated commodity.The increasing likelihood of Joe Biden's presidency may continue to push the price higher.
GOLD DAILY CHART – BREAK OF DESCENDING TRIANGLE HINTS AT FURTHER UPSIDE
From a technical perspective, gold will continue to rise after breaking above Descending Triangle resistance and the psychological 1.930 level.A daily close above the September high would probably ignite a push to test the 2000 level if it breaks above the August high.
On the flip side, a failure to breach the resistance at the September high could generate a pullback towards the key psychological 1.930 level.
