Gold prices popped higher as the US dollar continued to extend declines. The pace of gains in the precious metal was however bigger, rising almost 2% intraday.
The gains come amid a mixed set of narratives, including the Georgia senate runoff election.
Price action has finally emerged from the consolidation from which there has been an ascending triangle pattern.
The current gains put gold prices within reach of the 1950 level next. A strong close above this level is required to confirm further upside.
To the downside, we expect prices to retest the 1900 – 1911 level in the short term to establish support.