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!
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
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