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Gold is trading at $1,747.44 level and most likely it will resume the bullish movement as the upside was confirmed once again. The price has increased as much as $1,758.43 today, but it has decreased a little in the last hours, still, this could be only a temporary drop after the aggressive rally.
The price has opened with a gap up today signaling strong buyers but now has come back to test and retest some broken upside obstacles and maybe to attract more bullish energy before it resumes the upside movement.
Friday's rally, bullish candle, has signaled that the yellow metal should climb higher on the Daily chart. The $1,747 level is seen as strong static resistance, so only a valid breakout above it will really confirm a further increase towards the R1 ($1,773) and towards the $1,800 psychological level.
The price is pressuring also the inside sliding line (SL) of the ascending pitchfork, so it is important for the price to close and stabilize above this line to be able to resume the upside movement. Gold is bullish as long as the price is traded above the median line (ML) of the ascending pitchfork, the failure to reach and retest the median line (ML) has signaled a further increase.
Also, the valid breakout from the minor orange descending pitchfork's body has suggested a bullish momentum in the short term.
A valid breakout above the $1,747 static resistance and above the inside sliding line (SL) will confirm a further increase, the R1 ($1,773) is seen as the first upside target. The $1,800, R2 ($1,819), and the upper median line (UML) are seen as major targets and obstacles.
The support is seen at the median line (ML) and at the $1,700 psychological level, so a further increase will be invalidated only after a potential valid breakdown below these levels.
The upper median line (UML) could attract the price again in the upcoming period if Gold is trading above the median line (ML).
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