Hacked gold price Our previous target is 1970 and today it is heading towards a resistance test of $2,010. Gold is still bullish and there is no sign of a reversal or at least a short term top. So far we've had some warning signs but no reversal signal.
As we explained in previous posts, gold is in a strong uptrend, which is creating an equivalent rally in price. It is not wise to trade against a trend with such strength. So far, any pullback to $1900 is a buying opportunity. The RSI on the weekly chart as shown above is at overbought levels but broke above the previous highs and the resistance trendline (green).
So, what's the next step now for gold? We remain bullish on a long-term target between $2,300 and $2,350.