FX.co ★ Gold Could Change Its Direction

Gold (XAU/USD) stands right below the $1,900 level and under the downtrend line. Jumping and stabilizing above these levels will definitely bring a buying opportunity.

The price is somehow expected to escape from this downward channel pattern after failing to reach and retest the lower boundary of the channel support. The price of gold could increase further if USD (US Dollar) depreciates against other major currencies.

GOLD Trading Tips

We may have a buying opportunity if gold (XAU/USD) reaches the $1,920 level. The $2,000 and the $2,075 are seen as potential upside targets.