Gold breaks through 1970 – today’s analysis September 1, 2020

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Gold breaks through 1970 - today's analysis September 1, 2020

First, we must not forget that the US dollar has ended its fourth month down. It is clear that the market has undergone global changes that will not allow it to simply turn around and start growing, not only in the short term, but also in the long term, and as usual in these conditions investors turn to safer assets like the yellow metal that continues to rise as a major trend .

Gold breaks through 1970 - today's analysis September 1, 2020

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During the trading session on Monday, the yellow metal rose to the 1,975.00 level. During Monday morning, then the price reversed to the south, to get support from the moving average 55 in the support area 1942 / 1951 and returned to trade upwards to breach during today's session the 1970 support level, targeting the 2000 level mentioned in our previous analysis, which may stop the rise temporarily.

In general, our outlook for gold is still bullish (Previous analysis of gold), targeting in the medium term 2075 dollars, which depends on how speculators deal with the level of 2000 dollars.

The buying scenario that started with the breaking of the descending local channel continues to develop positively. You can buy dips below the $2000 level, targeting the $2,075 level in case the first is breached.

Any selling opportunity, it only makes sense below $1900 as the bearish scenario is active.

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