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Gold is trading at $1,911 at the time of writing and it seems determined to reach new highs soon. Technically, the rate has escaped from a continuation pattern and now it should develop a new leg higher.
Still, we have to wait for another higher high to really validate the upwards movement. Gold continues to increase ignoring the USDX's short-term rebound. The yellow metal was into a corrective phase, but now it seems ready to resume the major uptrend.
As you can see on the H4 chart, the price of gold has stabilized above the triangle's resistance, it has retested the $1,900 level and now it approaches the median line (ml) of the ascending pitchfork.
A valid breakout above the median line (ml) and above the R1 ($1,927) validates a larger upwards movement. The bullish scenario could be invalidated only by another lower low, drop below $1,882 former low.
We'll have a great long opportunity if the price makes a bullish closure above $1,933 former high. $2,000 and $2,075 levels are seen as targets.
A short opportunity will be validated by a drop below the lower median line (lml) and under the $1,848 level.
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