Gold technical analysis

  • GOLD is breaking above the trend line.

  • The price needs to break 1796 for more upside.

  • Buying the dips is the scenario.

  • 1820 zone is the final target.

XAUUSD

1. Left shoulder.

2. Head.

3. Right shoulder.

4. Bouncing zone.

5. Target.

The price is bullish. Last week we witnessed buying the dips scenario. Bulls are trying to push the price further up and so far they have been successful. The potential move is higher but the price needs to break above 1796. M H3 and W H4 need to break and the price needs to close above it. Gold is supported by important weekly and monthly camarilla pivots. The final target is the 1820 zone but watches for potential profit-taking today as it is Friday. Buying the dips is the scenario.

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