Gold Price Recovery Looks Real
Gold price after trading towards $1205 against the US Dollar found support and started a recovery. The upside move was decent, as the price was able to move above the $1210 resistance and the 100 simple moving average.
There was even a break above the 50% Fib retracement level of the last decline from the $1228 high to $1204 low.
At the moment, the price is facing a trendline confluence resistance at $1220. It may dip a few points in the short term towards $1215 or the 100 hourly SMA before continuing higher.
Buying dips in the short term can be considered as long as the price is above $1210.