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Gold edges higher taking advantage of USD's sell-off. It's trading at $1,855 level and it aims at $1,862 static resistance. Breaking and stabilizing above this upside obstacle validates a further growth towards the $1,900 psychological level.
Technically, XAU/USD was expected to increase again after developing a Pin Bar, Hammer reversal pattern. The price was into a corrective phase in the short term but the decline seems over, so the rate is expected to move north again.
I've told you in my previous analysis that Gold should come back higher after registering only a false breakdown through the $1,817 static support and below the downside sliding line (SL).
XAU/USD passed above the $1,848 level and now is pressuring the upside sliding parallel line (SL1) of the descending pitchfork and the R1 ($1,855) static resistance. Closing above these obstacles suggests upside continuation.
From the technical viewpoint, a new higher high, jump and close above the $1,862 level brings a long opportunity.
Buy a bullish closure above 1,862 and use 1,900 as the first upside target. The upper median line (UML) could be used as a target as well. Breaking above the UML signals further growth towards $2,000.
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