The price of gold may again test the broken red downtrend line and the lower median line (lml) of the ascending pitchfork. Now, it is struggling to recover as the USD is under some bearish pressure before the US figures are published.
The uptrend line remains intact after the latest drop, as well as the $1,900 static support. So, we cannot talk about a bearish scenario as long as the rate stands above these downside obstacles.
- GOLD Trading Tips
Sell only if the price drops and closes below the 1.900 level, the first downside target should be around the 1.800 level.
Buy gold after a false breakdown with great separation below the near-term support levels or after a breakout above $2,000 level. The $2.075 — $2.100 area is seen as upside target.