Gold continues to stay within the minor triangle and inside of the descending pitchfork’s body. The outlook is bullish, so we can search for long opportunities. The Dollar Index drops again signaling that the yellow metal could jump higher.
The US is to release the ADP Non-Farm Employment Change and the ISM Manufacturing PMI high-impact indicators. Worse than expected economic data could boost the XAU/USD.
Gold Technical Analysis!
The price of gold has registered a false breakdown below 1,807, under the inside sliding line (sl), and through the weekly pivot point (1,804.37) signaling an upside momentum. Still, we’ll have to wait for a valid breakout from the triangle and down channel patterns. Also, a breakout from the descending pitchfork’s body could signal an upside movement.
1,819 and 1,223 levels are seen as static upside obstacles. Jumping and stabilizing above these levels could signal an upside movement. The lower median line (LML) is seen as a dynamic resistance as well.
Conclusion!
Its false breakdown with great separation registered yesterday signaled that Gold could resume its upwards movement.
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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