The price of gold is trading at a four-month high, as safe-haven demand and growing fears about rising COVID-19 cases in Asia are boosting the yellow-metal. Gold is trading above critical trendline resistance and is now free from a large falling price channel, around the $1,865 level. Continued gains above the mentioned area are likely to spark a further rally towards the $1,890 level before a pullback takes place.
XAUUSD is only bullish while trading above the $1,865 level, key resistance is found at the $1,880 and the $1,890 levels.
If XAUUSD trades below the $1,865 level, sellers may test the $1,855 and $1,830 support levels.
