Gold has been under pressure lately as the USD has gained downside momentum, however gold is now facing strong support from the uptrend-line going back to May 2019. We think this support-line will be able to protect the downside for the next push higher through resistance at 1,834 confirm that a new impulsive rally is unfolding and ultimately new all-time high should be seen.
That said a break below the support-line will question our bullish stand, but only a break below key-support at 1,687 will indicate that wave 4 hasn't completed and an even more complex correction is unfolding and we will have to adopt to that scenario.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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