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04.08.202022:29 Forex Analysis & Reviews: Gold price reaches third target area. What's next?

Long-term review

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Gold price today reached our third target of $2,010. Gold trend remains bullish and there is no sign of a reversal or at least a short-term top. So far we had some warning signs but no reversal signal.

Blue downward sloping line - resistance trend line

As we explained in previous posts Gold is in a strong up trend, creating a parabolic rise in price. It is not wise to go against the trend. So far any pull back even towards $1,900 would be considered a buying opportunity. The RSI in the weekly chart as shown above is at overbought levels but has broken above previous highs and the blue resistance trend line. What is next now for Gold? We continue to be bullish looking for a longer-term target of $2,300-$2,350.

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