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Gold is trading higher at 1,780 versus 1,766 today's low. The bias remains bullish after its latest developments. The false breakdown with great separation below the immediate support levels signaled a new upside momentum.
The price has decreased a little as the USD has jumped higher after an important sell-off. Still, the risk-off sentiment dominates the markets, so safe-haven assets as gold are very attractive.
XAU/USD has found support right on the inside sliding parallel line (sl) of the ascending pitchfork. Its false breakdown with great separation through it announced that the retreat could be over.
Now is traded back above the weekly pivot of 1,772 level and it could approach and reach the R1 (1,789) soon.
The bias will remain bullish as long as the rate stays above the inside sliding line (sl). A valid breakout above 1,800 signals further growth.
A valid breakout above the R1 (1,789), a new higher high, could really announce a larger upwards movement ahead. The next major upside target is seen at the major descending pitchfork's upper median line (UML).
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