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Gold is bullish and most likely it will resume the upside movement, will approach, and reach fresh new highs after Friday's false breakdown below a near-term downside obstacle. The price is trading at $1,769.45, it has decreased a little today, but the bias is bullish and the buyers are still in the game and could push the price higher anytime.
A potential USD's depreciation versus its rivals could send the yellow metal higher soon, I've said in the previous articles, week, that the gold price is expected to increase further and that we could search for long opportunities, even if the price is trading higher.
You can see on the Daily chart, that the price has retested the $1,747 static support, resistance has turned into support, and has registered only a false breakdown with huge separation below the inside sliding line (SL) signaling that the buyers are very strong and they could push the price higher.
Gold will be bullish as long as the price is trading above the sliding line (SL) and above the median line (ML) of the ascending pitchfork, the next upside target is seen at the $1,800 psychological level. The RSI indicator still shows a bearish divergence, but as I've said, the outlook is still bullish.
The gold price could register an aggressive increase if the bearish divergence is invalidated. The upper median line (UML) could attract the price again as long as gold stays above the sliding line (SL).
Another higher high, a jump above $1,779.31 could bring another buying opportunity, the first target is seen around the $1,800 level. A further increase, upside movement, could be invalidated only by a valid breakdown below the median line (ML) of the ascending pitchfork.
The gold price is trapped between the median line (ML) and the upper median line (UML), the bias will be bullish as long as the price stays within this up channel. A potential drop in the short term could be validated by a drop below the $1,747 static support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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