The price of gold is trading at 1,863.73 level far above 1,851.62 today's low. As you already know from my previous analyses, the bias remains bullish despite temporary declines. The yellow metal dropped a little today only because the Dollar Index has rallied.
Today, the volatility was very high, so anything could happen in the short term. The Dollar Index increased as much as 96.23 level where it has found resistance. DXY failed to reach the 96.26 previous high. The price of gold is still under pressure after the Canadian retail sales data come in better than expected earlier. We'll have to wait for a strong bullish signal before deciding to go long.
XAU/USD Attractive For Buyers!
As you can see on the h4 chart, XAU/USD continues to pressure the descending pitchfork's upper median line (uml) which stands as a dynamic resistance. The previous H4 candle signaled that the upside pressure is high.
Gold failed to reach the weekly pivot point of 1,848.72 signaling strong buyers. A valid breakout through the descending pitchfork's upper median line (uml) could activate potential further growth.
XAU/USD Prediction!
The bias is bullish, so jumping and closing above 1,868.62 static resistance is seen as a buying opportunity. Gold could still grow as long as it stays above the pivot point and above the channel's upside line. 1,900 psychological level is seen as an important upside target.
