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03.08.202017:27 Forex Analysis & Reviews: Short-term technical analysis of Gold for August 3, 2020

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Gold price remains in a bullish trend. A pull back towards $1,950-$1,900 area is justified but not 100% necessary. Our next target for Gold is at $2,010. There is no sign of a trend reversal or a short-term top. So far we only had some warning signs.

Blue lines - bullish channel

Yellow rectangle - pull back target area

Green lines - expected path

Gold price justifies a pull back but we continue to believe that any pull back is buying opportunity for Gold price to continue to even higher levels. Gold price remains inside the upward sloping short-term channel. Support in the lower channel boundary is at $1,845 currently and as long as price is above this level, short-term trend remains bullish.

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