Bling! Bling! Who wants to join the global gold rush? Just recently the price of gold set a new all-time high at $1,476.22 per ounce. Despite trading at this level, it appears that is some more upside on gold.
As you can see from its daily chart, XAUUSD or gold has recently broken out from an inverted head and shoulders continuation pattern. Now, if you project the height of the pattern from the point of breakout, an upside target of $1,650.00 could be determined. Presently, though, it is already trading at an overbought condition. Given this, it could move sideways for awhile or retrace a bit back at the neckline of the pattern before it aims for $1,650.00. The previous neckline resistance should now play as a support that could launch it towards the said target. A break, however, of this support could bring it back to around $1,400.00. Nonetheless, its overall bias remains bullish given its present trend.