The price of Gold retreated in the short term but the bias remains bullish. The yellow metal could come back higher anytime. It could only test and retest the immediate support levels before resuming its upwards movement. It's traded at 1,969 at the time of writing above 1,960 today's low.
The ECB left its monetary policy unchanged in the April meeting. Earlier today, the US data came in mixed, that's why the XAU/USD could try to come back higher. In the short term, the price of gold dropped also because the Australian data disappointed in the morning. The Unemployment Rate remained steady at 4.0% even if the traders expected a potential drop to 3.9%, while the Employment Change was reported at 17.9K below 30.0K expected.
XAU/USD Temporary Retreat!
XAU/USD retreated to test and retest the 1,966 broken resistance after its failure to approach and reach the median line (ml). Still, the bias remains bullish as long as it stays above the lower median line (lml).
The median line (ml) acts as a magnet and it could still attract the rate as long as it stays within the ascending pitchfork's body. 1,974 level stands as the immediate upside obstacle. Jumping and stabilizing above it may signal potential further growth.
XAU/USD Forecast!
Staying above the 1,966 and above the lower median line (lml) and making a new higher high, a bullish closure above 1,981 could activate further growth and could bring new long opportunities with a potential target at 2,000.
