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Gold price is trading at $1,738 after a minor drop from a major dynamic resistance. Still, today's drop could be only temporary, the outlook is bullish and it will remain the same as long as the price is traded above the $1,700 - $1,666 support zone.
The tensions between the US and China and the COVID-19 effects have lifted the yellow metal again, the gold is bullish and it is expected to increase further as the global risk is high, the global economy could suffer for a long time from now.
The bullish engulfing from around $1,700 psychological level has invalidated a larger correction and has signaled a strong bullish momentum. Also, the failure to reach the median line (ML) of the minor descending pitchfork has suggested that the uptrend is valid and it will continue.
Gold has reached the upper median line (UML) of the descending pitchfork, it was rejected, and now is testing the broken inside sliding line (SL). you should know that a valid breakout above the upper median line (UML) and above the R1 ($1746) will confirm a further increase at least till the $1,765 high.
The current increase towards the upper median line (UML) is natural and normal after the failure to reach the median line (ML).
We could have a great buying opportunity after a valid breakout above the upper median line (UML) and above the R1 ($1,746) level, the next upside targets are seen at the R2 ($1,764), R3 ($1,790), and at the $1,800 psychological level.
A selling opportunity could appear only after a valid breakdown below the $1,700 level and after the price will make another lower low. We cannot talk about this scenario as long as the price is trading far above this downside obstacle, critical support.
Gold could move sideways in the short term, it could register a minor drop trying to recapture more bullish energy before it makes a valid breakout above the mentioned resistance levels and it will validate a strong upside movement.
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