The price of gold extended its rally and now is trading at 1,810. It has climbed as much as 1,811 today where it has found resistance. As you already know from my analyses, the XAU/USD turned to the upside as the USD depreciated versus its rivals.
Later, the US data could move the yellow metal. The Goods Trade Balance could increase to -96.2B, HPI could report a 0.9% drop, while the Prelim Wholesale Inventories indicator could register 0.4% growth.
Gold Swing Higher!
Technically, XAU/USD jumped and stabilized above the channel's upside line and above the 1,807 static resistance. These represented upside obstacles, so further growth could be natural. Still, after its strong rally, the rate could try to test and retest the immediate support levels before extending its growth.
The 1,807 and the broken upside line represent downside obstacles. Dropping below these levels may announce a larger drop.
XAU/USD Forecast!
Staying above the upside line and above 1,807 and making a new higher high, a bullish closure above 1,811 activates further growth and is seen as a new buying signal.
