GOLD | Another opportunity for the bulls is coming

GOLD | Another opportunity for the bulls is coming

This is an analysis that I have shared some time ago and now I am updating it again.

Following the hawkish than expected Powell's speech on the "Jackson Hole Symposium" the market
is still very bullish related to the USD.

After the price reached our first resistance area from the previous analysis it is coming down again.

We should pay close attention again to our support area as it can push the price up again.

Technical Analysis:
As we can see, in a period of 5 months GOLD lost almost 18.80% of its previous value.
In fact, the price is testing a very old support zone around 1680.

This is a very old support area that was first broken on April 20th and tested several times. Thereafter in March-21st, August 21st, and during the previous week in late July-July 22nd.

As we can see the price increased by +3.88% and this is a quick price reaction.

I am looking for the price to reach 1783 and 1830 over the next few weeks.

Thanks and good luck!

Previous Analysis: