August 31, 2020
Uptrend in Spot gold may continue. The metal about to break a resistance at $1,978 per ounce and may travel to the next resistance at $1,996.
Gold is moving upward from $1,902.22, and is capable to touch $1,996 point, which is 61.8% projection level. The pullback may occur around $1,996. It can be from the nearest resistance at $1,978 also, if gold is not able to cross this resistance.
Support at $1,960, a break below could confirm the pullback towards $1,938. Failed attempt to break $1,981 followed by a fall below $1,946 could confirm the continuation of the downtrend from the Aug. 7 high of $2,072.50.
On the daily chart, resistance at $1,981, which is about 338% projection level on the uptrend from $1,160. On hourly chart resistance is at $1,978 which is near to resistance on basis of daily chart.
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