Gold resumes the rise – technical analysis August 28

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Gold resumes the rise - technical analysis August 28Gold maintains a bullish outlook despite the recent temporary decline. It is trading at $1,952 above the psychological $1900 level and above the uptrend line, the next upside target remains at the $2000 level followed by $2,075.

Gold price fell inside a local descending channel, but the current breakout indicates an attempt to start a new bullish movement, you can look for buying opportunities here if the price will jump above the 1960 level or above the psychological level of 2000.

Buy a retest of the broken downtrend line or a clean break above the 1960 level with a target at the $2000 level. Which hack confirms Our previous look To target the maximum high at $2,075.

Any selling opportunity is now ruled out, only a dip below $1900 will activate the bearish trend scenario.

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