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Expert In



Gold upside pressure remains high

Gold was traded at 1,863.05 at the time of writing. The yellow metal seems undecided in the short term as the Dollar Index resumed its growth. XAU/USD maintains a bullish bias despite temporary declines or if it registers a sideways movement.

In the short term, we cannot exclude a minor drop. The price of gold could come back to test and retest the near-term support levels before jumping higher. It could move sideways trying to accumulate more bullish energy.

In the last hours, XAU/USD slipped lower also because the Empire State Manufacturing Index was reported better than expected. Tomorrow, the US retail sales data could be decisive. Some poor figures could weaken the USD and could boost the XAU/USD. Moreover, the Industrial Production, Capacity Utilization Rate, and the Business Inventories will be released as well.

In the early morning, the Australian Monetary Policy Meeting Minutes and the RBA Gov Lowe Speaks could bring some volatility.

XAU/USD continuation pattern


Gold escaped from a potential continuation pattern but unfortunately, it has registered only a false breakout with great separation above 1,868.62 static resistance. The bulls are still strong after stabilizing above the broken dynamic resistance and after its failure to come down to test the 1,848.79 weekly pivot point. Technically, upside continuation could be activated by a valid breakout through the 1,868.62.

Gold prediction

XAU/USD is trapped within a range between 1,868.62 and 1,841.57 levels. Staying near 1,868.62 resistance could indicate an imminent upside breakout. A new higher high, a valid breakout through this obstacle could validate an upside continuation towards 1,900.

The material has been provided by InstaForex Company -