Gold rallied in the short term and now it stands at 1,729 level right below a critical resistance level. As you already know, the yellow metal was into a corrective phase after reaching the 2,075 all-time high in August 2020.
The price has found strong support and now it has turned to the upside. Technically, the price of gold has signaled a bullish reversal, but we still need confirmation before going long on the medium to the long term.
Gold reached the 61.8% retracement level and the uptrend line, so the rebound was natural and expected in the short term but the rate is still trapped within the descending pitchfork’s body.
It could move sideways in the upcoming period developing a narrow range on the Daily chart. The risk-on sentiment dominates the markets, USD could resume its appreciation, so the price of gold may decline again before deciding a new fresh direction.
Now, is crucial to identify the next buying entry or to be ready for a short opportunity if the price resumes its corrective phase.
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