Gold price has recovered and risen back up in line with the dominant short-term uptrend, shown clearly on the 4-hour chart below.
Since ‘the trend is your friend’, as the saying goes, the probabilities support a continuation higher, with a break above the $1,984 highs of the previous bar signaling an extension higher.
The underside of the just-broken trendline is likely to present an initial target and resistance at $1,991 and the Gold price will probably pullback at that level, however, an eventual rally all the way to the yearly highs at $2,009 is quite possible.
The Relative Strength Index (RSI) is mirroring price action, supporting the recovery.
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