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24.08.2020 11:35 AMGOLD has rebounded from $1,911 Friday's low and now is trading at $1,945 level. The failure to approach and reach the $1,900 psychological level signals strong bulls in the short term.
USD's current decline helps the yellow metal to come back higher after the most recent drop. We may have a great long opportunity if Gold will take out the immediate dynamic resistance.
XAU/USD made only another false breakdown below the upper median line (UML) of the major ascending pitchfork and now is fighting hard to approach the downtrend line. The retreat could be over if the rate takes out the downtrend resistance.
Gold could continue to move in a range between $2,000 and $1,900 psychological levels, a valid breakdown will suggest selling, while an upside breakout will offer us another great long opportunity.
Sell below $1,911 Friday's low with a target somewhere at $1,862 lower low.
Buy from above $2,000 level with an immediate target at $2,075 all-time high.
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