Gold Breakout Signals Continuation!

Gold decreased a little in the short term after reaching the 1,845.54 level. The price is located in the buyers' territory, so the bias remains bullish. It could slip lower only to test and retest the immediate support levels before jumping higher.

US will publish important data during the week that is the inflation figures and the retails sales report. This could bring high pressure on gold. Some poor figures could help the yellow metal to resume its growth.

XAU/USD rallied as the US Dollar Index plunged. USDX's further decline could push gold even higher.

XAU/USD Minor Decline!

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Gold is bullish after registering an aggressive breakout through the confluence area formed at the intersection between the upper median line (UML) and the median line (ml). Now, it is moving sideways trying to accumulate more bullish energy.

It could retest the median line (ml) before resuming its upside journey. The aggressive breakout through 1,800 signaled further growth. Staying above the median line (ml), the price could grow further towards the 1,880 and 1,900 psychological level.

Forecast!

Retesting the median line (ml) or registering a false breakdown through it could bring a new long opportunity.

Also,a jump and close above the 1,843.40 high is seen as a buying signal. Only a valid breakdown below the median line (ml) could invalidate further growth.

The material has been provided by InstaForex Company - www.instaforex.com

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