The GOLD price yesterday set the new maximum at USD 1327.50 and the closing of the session took place at the highest level since May 2018. Thus, the dynamic upward trend in which quotations have been held since November last year continues.
In one of the last analyses of gold, I paid attention to the support confluence zone created by:
- average channel EMA 10/20 from the daily chart,
- the horizontal area at USD 1295.60,
- an accelerated upward trend line running from the November 2018 low.
This zone managed to stop the sellers, as can be seen in the daily chart below, the price during the last three sessions has significantly increased, and yesterday we managed to establish a new maximum as mentioned in the introduction.
Traders can continue to focus on searching for buying opportunities. As long as the trend line and the EMA 10/20 medium channel remain intact, the bullish trend continues.
The closest key target for growth may be the $1355-1365 resistance zone, which has repeatedly held back buyers from 2013.