Gold is trading at multi-year highs after breaking past the $1,746 level towards the end of last week.
Gold price technical analysis shows that bulls could test towards the $1,950 level over the medium term.
Gold Price at 7 Year High! Updated gold analysis 2020
Gold medium-term price trend
Gold finally broke to a fresh 2020 trading high last week, after spending weeks consolidating in an increasingly narrow trading band.
Gold technical analysis over the medium term shows that a bullish inverted head-and-shoulders pattern has been activated.
According to the size of the inverted head-and-shoulders pattern, gold price could rally towards the $1,950 level over the medium term.
It is noteworthy that the $1,800 and $1,830 levels offer significant resistance on the daily time frame.
Medium-term dip-buyers may look to enter on any pullbacks towards the $1,730 area from current levels.
Gold short-term price trend
Gold technical analysis shows that the yellow metal has a short-term bullish bias while price trades above the $1,713 level.
The lower time frames show that a bullish triangle breakout has occurred, following the move above the $1,725 level.
According to the size of the triangle pattern, gold prices could rally towards the $1,770 area over the short term.
Key resistance for gold prices is currently found at the $1,800 and $1,820 levels.
Key resistance below the $1,725 level is found at the $1,710 and $1,690 levels.
Gold technical summary
Gold technical analysis shows that gold has staged a major upside breakout. Further gains towards the $1,830 and $1,950 levels remains possible.