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Gold is trading at $1,896.91 and is about to reach the next upside target at $1,900 psychological level. The price is strongly bullish, so it could take out the near-term resistance levels and it could touch fresh new highs.
The global risk, COVID-19 second wave fear, a slow recovery of the global economy, USD's weakness, are only a few reasons why the gold price is extending its rally and why it could approach and reach fresh new highs in the short term.
The gold price is strongly bullish, so it could ignore the $1,900 psychological level and it could resume its bullish momentum. Today's US and the eurozone data will bring high volatility on gold as well.
I've said yesterday that Gold will remain bullish as long as it stays above the upper median line (UML) of the ascending pitchfork, the price has failed to retest this dynamic support signaling strong buyers.
Personally, I would have liked to see a consolidation below the $1,900 level and above the upper median line (UML) before going higher. The UML retest, rejection, would have given us a great buying opportunity. Gold is expected to climb higher, but only a jump and stabilization above the $1,900 will help us to enter long again. Now, is too risky, even if the price could edge higher in the short term.
A valid breakout above the $1,900 and above the 150% Fibonacci line will signal a potential move up to the first warning line (WL1) and towards the R3 ($1,936) level. Gold could register a minor decline if it fails again to reach the $1,900 level, or if it makes a false breakout above this obstacle.
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