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Gold is still in an uptrend as long as above the $1760

Gold's bullish mode is still in control as long as gold price holds above $1760, from the present rate near $1,793/1795, a vital resistance zone.

The risk-off mood driven by the U.S.U.S. dollar retreat is aiding their bounce for gold prices. However, it would seem unlikely that we can expect further upside amid recent strength seen with Treasury yields and indices across Europe, but it needs to break above $1793/1795 first.

In addition, optimism surrounding the new Omicron covid variant combined with China's latest support measures bode well financially and economically. Because it should spark growth even more so, which will lead us towards stability sooner rather than later.

The latest U.S. Unit Labor Cost data will be a crucial indicator for gold this month. Of course, the covid updates and yield price action have been influencing its value recently, but now it's time to see what impact these events can make regarding labor costs as well.

Technically still in uptrend though gold price broke below the long-term channel support last week, the U.S. negative labor market report helped gold bounce back above the trendline support.

From the present rate, strong support identifies at the $1760 zone. Breaking below $1760, we may see another gold rally to the downside. Therefore, our 1st target to the downside is the $1725/1720 price zone, and the final target is the $1680/1685 price zone.

On the other hand, breaking above $1793/1795 will open the door for the more strong uptrend. Usually, after mid of December, gold often rises till March.

If gold price breaks above $1795, our 1st target to the upside is $1810/1815 price zone, next target $1830/1835 price zone, and final target $1870/1875 price zone.

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