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Gold is trading at $1,809 level according to the H4 chart, it has escaped from the minor down channel and now is expected to resume its upside journey. The price has tested and retested the broken $1,800 static resistance, another higher high could give us another chance to buy the yellow metal.
The COVID-19 crisis is far from being solved, the second wave fear helps the gold price to stay higher and to approach and reach fresh new highs. The minor retreats could bring long opportunities. The USD's depreciation pushes gold higher in the short term.
The gold price is traded within a minor range on the h4 chart, but the breakout above the minor downtrend line, channel's resistance, could signal an upside breakout from minor extended sideways movement and further growth.
The last false breakdown below the $1,800 psychological level, below the median line (ML), and below the $1,795 range support has confirmed once again that the will jump higher in the short term. The outlook is bullish as long as the price stays above the median line (ML) of the ascending pitchfork.
Also, the failure to reach the median line (ml) of the minor black descending pitchfork has signaled another bullish momentum at least till the $1.818 former high.
The breakout from the minor down channel has signaled a further increase towards the $1,818 previous high. Still, maybe you should wait for a valid breakout above this level and from the minor range, for another higher high, before going long again.
So, we may have a great long opportunity from above $1,818 level, if the gold price makes a valid breakout above the upper median line (uml) of the minor pitchfork. The 50% Fibonacci line represents a strong dynamic resistance, but I believe that an aggressive breakout above the R1 ($1,820) will suggest buying with a potential target at the upper median line (UML) of the major ascending pitchfork and at the R2 ($1,861) level.
A further rally could be invalidated only by a valid breakdown below the median line (ML) and if the price makes a downside breakdown from the minor range, below the $1,795 level.
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