Gold is currently in a descending channel against the US Dollar. This is a bullish pattern and therefore in the long-term, we should expect the price to eventually break to the upside provided that it can break through the resistance line of the wedge. The target would be 2080 which is the top of the channel indicated by the green line on the chart.
However, In the short term, we can also see that gold is being guided by another resistance line which is shown as the orange line on the chart. Therefore, in the short term, we should expect the price to continue to pull back to the orange line before continuing to the downside. Once this line is broken, the short-term trend might become invalid.
However, In the short term, we can also see that gold is being guided by another resistance line which is shown as the orange line on the chart. Therefore, in the short term, we should expect the price to continue to pull back to the orange line before continuing to the downside. Once this line is broken, the short-term trend might become invalid.