Gold is trading in the red at the time of writing but the bias remains bullish. The yellow metal is traded at 1,860.27 level at the time of writing far below 1,870.56 today’s high. The rate slipped lower only because the Dollar Index has managed to rebound after its temporary decline.
Also, the XAU/USD is trading in the red as the United States Empire State Manufacturing Index came in better than expected earlier. Tomorrow, the US is to release its retail sales data. The price of gold could jump higher if the figures come in worse than expected.
XAU/USD Technical Analysis!
XAU/USD is trapped within a sideways movement between 1,868.62 and 1,841.57 levels. Escaping from this pattern could bring new trading opportunities. In the short term, it could move sideways trying to accumulate more bullish energy.
Gold could still grow as long as it stays above the minor uptrend line and above the weekly pivot point (1,848.81). A valid breakout through the 1,868.62 coud activate an upside continuation.
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