Gold is trading in the green at $1,741 after testing a broken dynamic resistance. The price may continue to increase if the US Dollar resumes its depreciation in the short term.

The risk-off sentiment dominates the markets in the short term, that’s why the safe-haven assets are very attractive these days. The yellow metal ignored immediate resistance levels signaling strong buyers.

Gold registered an approx 4% growth since last Wednesday and it could extend it if the price passes above the immediate high.

XAU/USD Seems Unstoppable!

analytics606d5826e1768.jpg

XAU/USD is trading above the median line (ML) of a major descending pitchfork and it could approach the minor ascending pitchfork’s median line (ml) again.

A new higher high, bullish closure above the $1,745 high could signal further growth towards $1,755 static resistance. The ascending pitchfork’s median line (ml) represents a dynamic resistance. Jumping and stabilizing above the median line (ml) could validate more gains ahead.

Gold Tips & Forecast!

A valid breakout above $1,755 validates a larger upside movement and brings a new long opportunity.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.