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Gold is still pressuring a strong dynamic resistance, only a valid breakout will confirm a further increase. It is traded at $1,622 and it maintains a bullish outlook after the failure to stabilize below the $1,600 psychological level.
The poor US data could send the yellow metal towards fresh new highs in the upcoming period because the USD could retreat a little after the last rally. The coronavirus has caused serious economic damages in the US, Europe, China, etc, that's why Gold remains an attractive buy in this risk aversion situation. I've said in my previous analysis that the gold price could jump way above the $1,700 level because the COVID-19 pandemic is far from being finished.
Gold will resume the upside movement if it will take out the resistance represented by the upper median line (UML) of the orange descending pitchfork. A valid breakout above the UML and stabilization above the median line (ml) of the dark blue ascending pitchfork will signal a bullish momentum towards the $1,700 - $1,703 area and towards the monthly R1 ($1,702).
You can see that the price has come back to retest the monthly Pivot Point ($1,576), it has registered only a false breakdown below this downside obstacle, that's why a bullish movement towards the R1 (1,702) is expected, fundamentally, is expected to increase as well.
Gold will increase further after a valid breakout above the upper median line (UML) of the orange descending pitchfork and if it continues to stay above the median line (ml) of the minor ascending pitchfork. The next major target and obstacle is seen at the $1,703 previous high, a valid breakout above this level and above the R1 (1,702) will validate a larger increase in the upcoming weeks, even towards the upper median line (uml) of the blue ascending pitchfork.
A further increase could be invalidated only by another drop below the Pivot Point ($1,576) and below the $1,555 static support.
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