Gold Prices are shining a little brighter, since from last few weeks. Mostly it has to do with seasonal demand and resurfacing of Covid pandemic. So far the precious metal has increased by 10%. Now the question is – Is it the beginning of a new Uptrend? Or Just a temporary rally? Take a look at the Price Action of Gold in 1D chart.
Gold Mini Futures 1D Chart Analysis.
The precious metal was trading in an Intermediate Downtrend from the beginning of Jan till the end of March. It fell all the way from 51500 to 44000. But after testing 44000, downtrend lost the strength and prices failed to move lower.
Once sellers failed to break the 44000 level, Upside Momentum picked in Gold. It rallied from 44000 to 48000 in a matter of few weeks. That’s almost 10% increase in the price of Precious metal.
Right now we can see a Pullback in Gold, Will the pullback succeeds and leads to a new uptrend? Or will it turn into a failure and disappoint the bulls? Keep an eye on the Price Action; it’s going to get interesting in coming days.
