Gold To Strike And Challenge It's New All Time High?

Gold broke all time highs in July 2020 for the first time in nine years, piercing through $1,920 with ease and now supporting above this major level. Now compressing into a possible wedge breakout pattern. 

Key Points:

Wedge forming above the previous All Time High
Has respected the 200 EMA on four occasions in the past two weeks, reclaiming and held above on Fridays close. 
Price as also reclaimed 50 EMA and $1,950 level. 
A test back to the 200 EMA completes the ABCDE 5 wave wedge providing a lower risk entry into an accumulation zone between the 200 EMA and $1,950. 
US Dollar pressure continues as the FED is dovish
The all time high is well in the spot light as a target if $2,015 breaks and holds. 

FED Chairman Powell dovish has suggested longer periods of lower interest rates
FED balance sheet sitting at $7 Trillion US 

Key Levels:

Support: $1,920, $1,950

Resistance: $1,980, $2,015, $2,050, $2,073

The Risk: 

The lower band of the wedge also coincides with the 200 EMA and key level $1,920. If this level is breached and holds below, the long position should be closed until further signals suggest to re-enter. 

IF: Price breaks above $1,980, hits $2,015 but fails and sells off strongly, it may be wise to move stops to break even as this pattern could also form the Elliott Wave ZigZag C Wave. 

Remember as a trader it is your job to mitigate the risk and only trade structures that provide high probability, and great reward to risk ratios. 

An entry just above $1,950 with a target at all time high $2,073 provides a 2.6x reward to risk to target 1 

3x reward to risk to target 2 $2,100

3.5x reward to risk to target 3 $2,120

Please understand the risks involved when trading such assets and seek professional advice or guidance on how to mitigate your risk.
All the levels provided are zones and not exact figures. Your discretion and interpretation of these levels may differ to other fellow traders/investors.