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Gold advances again, targets 1,800 USD

Gold advances again

Yesterday's dip seems forgotten, and the bullion moved higher on Friday, adding nearly 1% and trading slightly below the psychological 1,800 USD barrier.

It looks like the next selling zone will be at 1,800 USD, followed by the even stronger resistance area at around 1,820 USD, where previous highs and lows are converged. However, it looks like the bullish momentum is finally starting to hold. Therefore, gold could start a medium-term uptrend if the price rises above 1,800 USD.

Alternatively, the support could be found at the steep short-term bullish trend line, currently near 1,775 USD, with the next demand zone most likely at previous lows at around 1,760 USD.

The short-term chart appears way overbought as gold has rallied some 100 USD without any bigger correction. Thus, we might see some profit-taking when the metal reaches the mentioned resistances.

On the plus side, US yields and USD seem to be moving into a downtrend, which could bolster gold and send it further higher.

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