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Signal Update: GOLD (XAU/USD) Hit Our Second Profit Target at $2,000 ! +275 points move

This is a very satisfying day for GOLD (XAU/USD) Traders as once again our gold signals hits profits targets and this time we gained 275 points move on the way to our profit target at 2,000. You can read our prior gold signal from may 14 and July 20 regarding this trade and why we took it. looking at the charts now, the 2,000 is a very important psychological number and we assume that we might spend some time at that level or enter a correction mode soon. However, gold remain very bullish and we are now in a wait and see mode. Congratulations for traders that gained from this trade.

Gold (XAU/USD) hit our take profit at $1,800 from our last BUY signal at $1,725 on June, 2020.  Gold has been behaving well during this challenging time and has been trading technically well since our original buy signal back in June, 2019. Looking at the chart, we can see that the chart is well positioned for further upside to our ultimate long term target we mentioned before at $1,900-2,000.  See our chart below for further information on this trade.

GOLD ( XAU / USD )

Gold price traded within a range during the last trading session, closing the day on the lower-end, at the important $1,700 price level. That price level has been important this month as it is a nice round psychological number, which buyers and sellers fighting for control at that level. Price has been fluctuating very tidily +/- 50 points around 1,700. Once price break above/below that trading range, we should get better directional move in gold price.  Looking at the chart, we can see that we are still in a long term uptrend with price trading above rising 50 and 200 day moving averages (red and green lines on chart), that should provide support in case price breaking below current trading range. On the upside, a break and close above the 1,725 level should send gold price to the important historical $1,800 – 1,900 price level. On the downside, a break below 1,650 can send gold price to test long term trend line support level at $1,600.

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