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The precious metal rose nearly 2% on Friday breaking past the key resistance level of 1900 – 1911.15.

The gains come on the back of a new stimulus bill in the United States, which is under consideration.

With price action now clear of the resistance area, further gains could be likely. The potential ascending triangle pattern gives the upside back to the 2000 level.

That is, of course, if gold prices can establish support back near the 1900 – 1911.15 region.

To the downside, a close below this support area could shift the bias lower. Despite the recent two-week gains, gold prices remain somewhat range-bound within 1950 and 1860 levels.

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