Is GOLD Decline Over?

Gold increased after failing to come back to retest the $1,800 psychological level. The metal is trading at $1,862 and it could approach $1,900 soon if the US Dollar continues to depreciate versus the other major currencies.

Technically, its failure to stabilize under the $1,800 level and to reach the down channel's support, downside line, signals that the sellers are exhausted and that the corrective phase, retreat, could be over.

GOLD Trading Conlusion

We'll have a great buying opportunity if the price jumps and stabilizes above the downtrend line, channel's resistance, and beyond the $1,900 psychological level. Such a breakout signals that XAU/USD will continue to increase towards the $2,000 and $2,075 levels.