Gold Price Forecast: XAU/USD bulls committed on the front side of the bull trend

Gold price is in a bullish phase and bulls eye all-time highs while on the front side of the bull trend.
A break of $1,970 opens risk of a deterioration of the bull trend.

Ross J Burland FXStreet

In the prior week´s analysis, we talked about the weekly chart´s wick being filled:

Update:

We can see the wick was filled in part and with the price still on the front side of the bullish trendline, the bias remains bullish:

On the daily chart, we have a support structure that could be respected in the opening days of the week and lead to another test of the all-time highs, staying on the front side of the bullish trendline.

On the other hand, a break of the support structure would open the risk of a slide into the in-the-money longs that have built up over the past couple of months:

Otherwise, the price could stay range bound between $1,970 and $2,050:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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