Gold (XAUUSD) looks poised for higher ground in 2021.
Despite the pullback that began last August, the market has been trending higher since 2016.
Even this latest pullback looks constructive.
Notice the bull flag pattern that has developed over the last few months.
I’ve discussed this bullish continuation pattern at length in recent weeks.
However, the big question everyone wants answers is, will the $1,770 low hold going forward?
In other words, is it a good time to buy gold?
I can’t and won’t tell you what to do with your money, but I do think there’s a good chance the $1,770 low holds.
A look at the daily time frame below shows what could be an inverse head and shoulders pattern.
For it to play out, XAUUSD bulls need to close the pair above $1,960.
Of course, if that happens, it means gold is already above the descending channel top near $1,930.
If this is a 4-hour inverse head and shoulders, the measured objective is near $2,150.
As for the bull flag above, the objective remains $2,380.
That’s true as long as XAUUSD holds above $1,770.
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