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Gold is trading in the green for a second session after the temporary correction, the price has managed to stay above the $1,700 level signaling that the outlook is still bullish. The tensions between the US and China and the global economy slow recovery has pushed the price higher again.
COVID-19 lockdown measures were eased lately, but unfortunately, the risk is high as the global economy could step into recession. The current US depreciation pushes the gold price higher in the short term.
The gold price has decreased a little in the short term but has failed to close below the $1,700 psychological level and to stabilize below the inside sliding line (SL) of the ascending pitchfork.
As you already know from my analysis, the outlook is bullish as long as the price is traded somewhere above the $1,700 - $1,666 area. I've drawn a minor orange descending pitchfork to catch a potential corrective phase, but the failure to reach the median line (ml) has invalidated a significant drop. A further increase followed by a valid breakout above the upper median line (uml) of the minor orange descending pitchfork will validate a further increase towards the R1 ($1,767) level.
The inside sliding parallel line (SL) remains as a very strong dynamic support, the bias is bullish in the short term as long as the precious metal is trading above this line.
Gold is bullish and it could approach and reach the upper median line (uml) of the minor descending pitchfork soon if the US data disappoints today. A valid breakout above the upper median line (uml) will signal an increase at least till the $1,765 high.
A larger and significant increase will be validated only by a valid breakout above the $1,765 former high and above the R1 ($1,767) level. Only this potential breakout will really confirm a strong increase, RSI still shows a bearish divergence on the Daily chart, this divergence will be invalidated as well by such an increase.
The upper median line (UML) of the ascending pitchfork and the $1,800 level are seen as viable upside targets. Gold price could develop a broader corrective phase only if the price makes a valid breakdown below the SL, $1,700 level, and most important below the median line (ML) of the ascending pitchfork and below the Pivot Point ($1,666) level.
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