In March, the gold price plummeted from a new annual high of $ 1,703 to support at $ 1,452 before the bulls resumed the medium-term uptrend. And with resounding success, because the high was exceeded in early April. The buying wave is currently consolidated in a bullish triangle formation.
Chart technical outlook:
Above $ 1,695, the bulls have a direct chance to break the triangle with a break of the $ 1,725 mark and push the precious metal’s price up to $ 1,760. Beyond that, the wave of purchases would be expected to expand to USD 1,800 and USD 1,825. Gold could then climb to USD 1,880 in the medium term.Levies below $ 1,695 would result in a correction of up to $ 1,645. The next climb could start there. Only a break of the USD 1,645 mark would question the rise in recent weeks and could lead to a sell-off up to USD 1,554.