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Gold ended the week at the 1881.24 level signaling that the buyers are still strong despite temporary drops. The outlook is bullish, so we could still search for new long opportunities.
Technically, XAU/USD has shown some overbought signs in the short term. Still, the rate could decline a little if it fails again to jump above 1890.14 higher high. It has taken out strong resistance levels, so it could resume its growth.
USD’s decline helped the price of gold to increase. The US Dollar Index maintains a bearish outlook, so a further decline could push XAU/USD higher.
Gold has managed to register a valid breakout above the major downtrend line signaling an upside continuation. The false breakdown with great separation below the R1 (1856.76) and through the downtrend line represented a bullish signal.
It has increased as much as 1890.14 where it has found strong resistance. Now it has tested and retested the broken R2 (1870.23) and the upside sliding line (sl1). The bias remains bullish as long as the rate stays above these levels.
Personally, I believe that a valid breakdown below the immediate support levels may indicate a decline towards the downtrend line.
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