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MT5.com - GOLD Confirms Further Growth!

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Forex Analysis:::2020-08-07

GOLD Confirms Further Growth!

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Gold is trading at $2,060 level after making another top and after the upside breakout from the ascending channel, above the upside line. I've said in a previous analysis that the gold price is expected to increase further, to jump higher, and I've talked about the $2,000 psychological level and by the upside line as potential upside targets on the Daily chart.

The breakout above, pass beyond, the upside line of the up-channel has confirmed strong buyers once again and potential further growth. Price could decline a little to retest the broken upside line before going upwards.

  • XAU/USD Trading Tips

Buy Gold if the price touches the $2,080 level. If it jumps above the $2,075 all-time high, the next upside target could be at the $2,100 psychological level. The price is expected to climb higher, to resume its upside movement, as long as it stays above the upside line.

Now, we don't have a selling opportunity, only a drop below the upside line followed by several retests of this line could announce a potential decline and could bring a selling opportunity.

Ralph Shedler
Analyst InstaForex
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