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Gold (XAU/USD) is rising again on Wednesday and does not stop the upward march. XAU/USD hit as high as 1,980.60, reaching the highest level in a month. It reached that level after bouncing off $1,960. The bullish bias remains intact.
Gold is trading close to daily highs below 1,980. In three days, it has accumulated a gain of $43 and the rally does not stop, even despite the advance in Treasury yields. This could mean that risk aversion is on the rise and gold could break through the barrier $2,000 and even reach the high at 2,070.
The US dollar index continues to be the safe-haven asset like gold and it does not seem to affect it negatively.
USDX finally closed in the positive on Tuesday, completing eight days with gains. On Wednesday, the index rises again, to the highest since May 2020. It is now trading around 100.40.
According to the 1-hour chart, gold is trading inside an uptrend channel formed since April 7. Besides, gold is trading above the 21 SMA and above the 200 EMA.
The outlook remains bullish for gold. As long as it continues to trade within this trend channel, the price could reach the zone 8/8 Murray located at the psychological level of 2,000.
On the contrary, a sharp break below the uptrend channel and a close on daily charts around 1,965 will be a clear signal of a technical correction and the price could reach the 200 EMA at 1,944 and the support 7/8 Murray at 1,937.
The eagle indicator is showing signs of exhaustion. So, gold is likely to consolidate around the 1,970 level for a further rally towards the psychological level of 2,000.
Our trading plan is to continue buying gold if it bounces back from 1,971 or 1,966 with targets at 1,990 and 2,000.
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