GOLD Towards New Highs
Gold (XAU/USD) has tested and retested the $1,900 level and now it seems determined to resume its upside movement. You can notice that it has escaped from a down channel signaling that the decline is over.
The outlook is bullish as long the price of gold stays above the $1,900 psychological level. A jump above $1,933 will really signal that XAU/USD will continue to increase. The USD’s current drop helps gold to grow, so the yellow metal could increase further if the US currency will depreciate versus the other major currencies.
- GOLD Conclusion & Tips
Stabilizing above $1,918 could bring a buying opportunity on XAU/USD. We’ll have a great long signal if the gold price jumps above $1,933 and if reaches $1,940 level. $2,000 psychological level could be used as a first upside target.
The upside scenario could be invalidated only by a potential drop below the $1,880 level.
The material has been provided by InstaForex Company – www.instaforex.com