DailyChartist

Gold ready to pop?

Largo
TVC:GOLD   CFDs sobre oro (USD/OZ)
Okay, so two possible scenarios for XAUUSD here:
1. Price with strong demand acceleration breaks out of the triangle formation and starts to head out towards the 2050 price level zone. The long-term uptrend is intact and the bulls prosper.
2. Price fails at the resistance level circa 23.6 Fibo and breaks the main trend support line. Bulls will give up a fight there and the price will try to return inside the trend, but on the top side now this will be a resistance. Fail here as well may push the price down for a more deeper correction towards the 50 Fibo level.
We are witnessing a typical Bull break in Gold after a continuous uptrend as we're now "resting". Factors are still in play for strong gold demand - overall Covid - 19 situation and most importantly - bond prices. I am leaning towards a long position, but will wait out on the breakout to execute the first scenario.
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