Gold exceeded the support level at $1900.00, but it rebounded upward and climbed to penetrate the $1925.00 level and reside above it, which drives the price to recover the bullish trendline again and to test the $2070.64 level.
Back to question "Is Gold bullish or bearish," knowing that any penetration to this level $2070.64 will pave the way for achieving more profits during the next duration. Gold price is currently trading at $1939.00, and it’s expected to continue its rise to target $2070.00, knowing that it should surpass the $1990.00 level to confirm its bullish scenario.
- Any surpass to $1895.00 will open the door to target the $1850.00 level and $1800.00.
- The break of $1949.00 will pave the way for targeting the $1990.00 level.
- Bullish trendline continuation is expected unless it exceeds $1895.00.
- Expected trading region is between support $1925.00 and resistance $1950.00.
- General trendline : Bullish
Source: Elliott Wave Cheat Sheet