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Gold has reached another high at $1,888 level today, the price is strongly bullish, so it could reach fresh new highs. It is trading at $1,880 level, a minor decrease could give us a great chance to go long on the yellow metal.
I've said yesterday that Gold is bullish and it should climb higher in the short term, the aggressive breakout above the near-term resistance levels has confirmed a further rally towards $1,900 psychological level. The USD's further decline has helped the yellow metal to reach new highs.
Gold has managed to close above the R2 ($1,861) level and to pass above the upper median line (UML) of the ascending pitchfork signaling further gains. The last bullish candle has suggested that the buyers are very strong in the short term, so the gold price could approach and reach the $1,900 level soon.
I've said yesterday that the bias will be bullish as long as the price is trading above the upside 50% Fibonacci line of the ascending pitchfork, now, the current upside movement will continue if the price stays above the upper median line (UML) or at least above the R2 ($1,861) static support.
An upper median line (UML) retest or a false breakdown below this dynamic support will offer us another buying opportunity, the first target will be at the $1,900 psychological level. The 150% Fibonacci line is seen as a potential upside target as well.
A further growth followed by a valid breakout above the $1,900 and above the 150% line will announce a rally towards the R3 ($1,936) level and towards the first warning line (WL1).
We may have a minor retreat, drop, in the short term, only if the gold price fails to stay above the upper median line (UML), or if the quote prints a reversal pattern around the $1,900 level.
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