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Gold increased as much as 1,828.16 level today and it could jump even higher as the US Dollar seems vulnerable to drop deeper. The yellow metal is strongly bullish and it could approach and reach new upside targets soon.
Technically, the price of gold was somehow expected to increase after finding strong support, demand, right below the 1,800 psychological level. The price action has shown oversold signs, so a bullish momentum was favored.
Gold could resume its growth in the short term after some worse than expected US data. The Advance GDP increased only by 6.5% versus 8.5%, the Unemployment Claims dropped from 424K to 400K being reported above the 382K estimate. Only the Advance GDP Price Index has come in better than expected, it has registered a 6.0% growth versus 5.4% expected.
Gold has escaped from the minor Falling Wedge pattern signaling an upside movement. The price failed to stabilize under the ascending pitchfork's lower median line (lml) indicating strong buyers.
It's located at 1,825.89 above the 1,818.54 static resistance and above the weekly R1 (1,821.39). The next target is seen at the ascending pitchfork's median line (ml). The warning line (WL1) could attract the price as well.
The bias is bullish as long as it stays inside of the ascending pitchfork's body, above the lower median line (lml). A minor consolidation above the R1 and above 1,818.54 could bring us a new buying opportunity.
A larger upwards movement could be signaled by a valid breakout above the median line (ml) and through the warning line (WL1).
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