- Gold hits a one-month high of $1,753 on Monday.
- Technical indicators call a re-test of 2020 highs.
Gold is better bid at press time with technical charts reporting bullish patterns.
The yellow metal is currently changing hands at $1,753 per ounce, the highest level since May 20.
The daily chart MACD and the signal line are reporting a falling channel breakout and the hourly price chart is showing a symmetrical triangle breakout. These patterns indicate that the recovery rally from the June 5 low of $1,670 has resumed and prices could rise to the 2020 high of $1,765 reached on May 18.
Acceptance above that level would expose the psychological hurdle of $1,800. On the downside, a close below $1,704 (June 15 high) is needed to invalidate the bullish setup.
Daily chart
Trend: Bullish
Technical levels
-
- R31776.38
- R21760.92
- R11752.53
- PP1737.07
-
- S11728.68
- S21713.22
- S31704.83
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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