Gold has been appearing increasingly bullish since last week, after bulls rallied the yellow-metal back towards the $1,930 technical area.
Gold price technical analysis shows that a bullish reversal pattern is highlighting the $1,930 level as potential upside target.
Gold medium-term price trend
Gold is starting to firm above the $1,700 technical area as the recent reversal from the $1,450 support level continues to gather pace.
Gold technical analysis over the medium-term shows that a huge bullish reversal pattern on the daily time frame is pointing to more gains.
The daily time frame shows that a bullish inverted head and shoulders pattern has formed. The neckline of the pattern is located around the $1,690 level.
According to the size of the pattern gold could rally towards the $1,930 level over the medium-term.
With this in mind, watch out for more medium-term gains while price trades above the $1,690 level.
Gold short-term price trend
Gold technical analysis shows that the yellow-metal has a short-term bullish bias while price trades above the $1,625 level.
The lower time frames are mimicking the higher time frames, and currently show that a large inverted head-and-shoulders pattern has recently formed.
According to the size of the pattern gold could rally towards the $1,850 level over the short-term.
Bulls will trigger the bullish pattern into action if they can rally price above the $1,747 resistance level.
Key short-term technical support is found around the $1,690 and $1,660 levels.
Gold technical summary
Gold technical analysis shows that gold could rally towards the $1,930 level over the medium-term. Bullish patterns are present across various time frames.