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Gold has managed to jump above the immediate upside obstacles signaling strong buyers and an upside continuation. The yellow metal is traded at the 1,778.81 level and it could approach and reach new highs soon.
USD's decline makes traders and investors go long on gold. The risk-off sentiment continues to dominate the markets, so the safe-haven assets could continue to increase. Some poor US data during the week could boost the price of gold.
Also, the ECB could bring more volatility. Technically, XAU/USD is bullish after escaping from a short-term range.
Gold's breakout through 1,755, the weekly pivot (1,761), and above the ascending pitchfork's median line (ml) validate a further growth. The weekly R1 (1,798.99) and 1,800 are seen as immediate upside targets.
You already know from my analyses that a valid breakout above the median line (ML) of the major descending pitchfork could validate a strong swing higher towards the upper median line (UML).
Gold consolidates above the median line (ml) trying to attract more bullish energy before resuming its rally.
The median line retest or a false breakdown could bring a new long signal. Actually, we'll have a bullish opportunity if the price jumps and closes above 1,783.89 high. 1,800 psychological level could be used as an immediate target, while the second upside target is seen at the descending pitchfork's upper median line (UML).
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