Gold registered a strong upwards movement after stabilizing above the 1,714 level. It has climbed as much as 1,767 where it has found resistance. In the short term, it has retreated and it has retested the 1,752 former resistance (resistance turned into support).
The Core PCE Price Index rose by 0.6% exceeding the 0.5% estimates, Revised UoM Consumer Sentiment came in at 51.5 above 51.1 expected, while the Employment Cost Index surged by 1.3% beating the 1.1% growth estimates. In addition, Personal Income and Personal Spending reported better than expected data as well.
XAU/USD Trapped Within A Range!
XAU/USD is trapped between 1,767 and 1,752 in the short term. A temporary retreat was natural and expected after its strong rally. The bias is bullish as long as the price stays above 1,752.
In the short term, the metal could move sideways and it could accumulate more bullish energy before trying to resume its upwards movement.
XAU/USD Forecast!
A valid breakout above 1,767 could activate an upside continuation. The buyers will have a new chance to go long from above this level.
