The precious metal is finally making some headway after nearly two months of being stuck in a range.
Gold prices are rising steadily after clearing the key level above 1747. This level has proven hard to breach in earlier attempts.
However, a bit of consolidation above this level adds to the bullish bias for now.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Overall, if the momentum continues, we expect gold prices to touch the 1800 level for the first time in nine years.
As a result, look for any pullbacks in the precious metal which is likely to only attract more new buyers into the market. This upside bias holds as long as price holds up above the 1747 handle.