Gold Upside Reversal!
The price of gold started to grow after reaching the 1,911 key level, a former higher high. Now, it has escaped from the down channel's body. The breakout above the downtrend line signaled that the downside movement is over and that the price could start increasing again.
In the short term, after its amazing growth, we cannot exclude a minor drop. XAU/USD could slip lower before resuming its upwards movement.
Gold Trading Conclusion!
Staying above the 1,911 key level (former higher high) and jumping above the downtrend line was seen as a buying opportunity. The price of gold signaled exhausted sellers after failing to come back to test and retest the channel's downside line.
