Gold is traded lower at 1893.92 versus 1903.38 today’s high. The price has slipped lower trying to test and retest the support levels before jumping higher again. The bias is bullish, so the yellow metal could resume its growth anytime.
The corrective phase has ended and now it could increase ahead of the US inflation data. The Us is to release its inflation data on Thursday. The USD remains under deep pressure, so a further depreciation could help the price of gold to increase further.
Gold H4 Chart Technical Analysis!
Gold decreased to retest the ascending pitchfork’s median line (ml) of the major ascending pitchfork. The line represents dynamic support.
Technically, coming back and stabilizing above the 1900 psychological level could indicate further growth in the upcoming days. Registering a new higher high could attract more buyers which could really push the price higher.
Conclusion!
The bias is bullish as long as the price is located above the ascending pitchfork’s median line (ml). Closing and stabilizing above 1,900 could signal more gains ahead.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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