Gold Resumes Rally as it Approaches 2000

The precious metal is holding on to its bullish streak. Price action is trading just a few points below the $2000 level.

We expect gold to possibly test the $2000 level in the near term. However, considering the key psychological level, this could also lead to profit-taking in the short term.

This, in turn, could put downside pressure on the precious metal.

The minor support is seen near the 1950 handle for now. Any dips might see this level holding up.

Only a close below the 1950 level could confirm further declines lower with 1900 coming in as the next big support.