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Gold is shining again after yesterday's minor drop, it is trading at $1,653 level and is expected to approach the $1,700 - $1,703 area soon. The bullish momentum was paused by another dynamic resistance, but I really believe that the price will take out this obstacle and it will jump way higher.
In my opinion, Gold has confirmed a potential further increase, even if it is still trading below some strong resistance levels. Fundamentally, the price could reach fresh new highs as the global risk grows, coronavirus (COVID-19) will continue to make victims among people and economies.
GOLD has found a temporary resistance at the outside sliding line (SL) of the orange descending pitchfork, but the outlook is bullish as long it is traded above the median line (ml) of the dark blue ascending pitchfork.
We cannot exclude a minor drop on the short term, the price could come back down to test and retest the broken upper median line (UML), the median line (ml) and the $1,600 level before it will pass above the $1,703 former high.
The aggressive breakout through the upper median line (UML) has confirmed that the buyers are very strong and that most likely we'll have another higher high soon. Personally, I believe that an increase above $1,673 yesterday's high will signal a valid breakout above the $1,700 - $1,703 area.
If the gold price stabilizes above the median line (ml) of the ascending pitchfork, the next major upside target is seen at the upper median line (uml) of this pitchfork. A minor drop towards the $1,600 will give us a great chance to go long on Gold again, the bias will be bullish as long as it stays above this psychological level.
We may have a good buying opportunity also after a valid breakout above the $1,700 - $1,703 resistance area. A further increase could be invalidated only by a drop below the PP ($1,576) and below the $1,555 level.
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