Gold increased after failing to come back to retest the $1,800 psychological level. The metal is trading at $1,862 and it could approach $1,900 soon if the US Dollar continues to depreciate versus the other major currencies.
Technically, its failure to stabilize under the $1,800 level and to reach the down channel's support, downside line, signals that the sellers are exhausted and that the corrective phase, retreat, could be over.
- GOLD Trading Conlusion
We'll have a great buying opportunity if the price jumps and stabilizes above the downtrend line, channel's resistance, and beyond the $1,900 psychological level. Such a breakout signals that XAU/USD will continue to increase towards the $2,000 and $2,075 levels.
