Gold Bullish Momentum Expected!

Gold stands at 1871.42 trying to stabilize inside of the buyer’s territory. It has decreased again after yesterday’s amazing rally to retest the near-term broken levels. The bias is bullish in the short term after the latest developments.

I’ve told you in my VIP Live Session yesterday that personally, I’ll wait for the price of gold to decrease a little before deciding to go long again. Now, the yellow metal is located above a support area, so we could search for long opportunities.

XAU/USD H4 Chart Technical Analysis!

Gold has decreased to test and retest the weekly R2 (1870.24) and the upside sliding line (sl1). Stabilizing above these obstacles and coming back above 1875.04 immediate resistance may attract more buyers.

The price of gold could increase again if the US Unemployment Claims will come in worse than expected. The current bullish scenario could be invalidated by a drop and stabilization below the sliding line (sl1).

Conclusion!

Registering a new higher high, jumping, and closing above 1879.13 immediate high could bring us a new buying opportunity.

 

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