Gold Spot Forecast: Above $2000, Gold Strong…….Don’t Sell, If Close Above $2000, Next Upside Level $2018—$2038.
Gold (Yellow Metal) has extended its daily rally and touched its highest level in over a year above $2,024 on Tuesday. Dismal JOLTS Job Openings and Factory Orders data from the US triggered a fresh leg of USD selloff in the American session and provided a boost to Yellow Metal.
- Gold (Yellow Metal) is once again testing the key psychological resistance at $2024.
- The rebound from March has taken place on feeble momentum on higher timeframe charts.
- What is the outlook and what are the key levels to watch?
Gold (Yellow Metal) Trading Zone
Despite the absence of any immediate signs of a reversal in the current uptrend, it may be wise to wait for a clear break above the $2000-$2065 range on longer timeframe charts before becoming strongly bullish. If such a break occurs, it could pave the way for gold to test the $2024 peak of $2065.
On the downside, there is key support around the $1930 area (refer to the chart), and gold would need to break below this range for any immediate upward pressure to fade. In that case, the downside could be exposed towards $1910. However, as long as the support holds, the most likely direction for gold is sideways to up.
