The price of gold rebounded and in the short term, trying to recover after the last sell-off. It's trading at 2,002 above the 2,000 psychological level at the time of writing. The bias remains bullish, so further growth is natural.
Fundamentally, the economic calendar is filled with high-impact events tomorrow. The US is to release its inflation data, while the BOC is expected to keep the BOC Rate Statement steady at 4.50%. The FOMC Meeting Minutes, BOC Press Conference, and the BOE Gov Bailey Speaks should bring more action.
XAU/USD 2,007 Resistance!
XAU/USD tested and retested the uptrend line, registering only false breakdowns. The bias remains bullish as long as it stays above this dynamic support.
As you can see on the H1 chart, the rate developed a down channel pattern which could represent an upside continuation formation. It has escaped from it and now it seems determined to approach and reach new highs.
XAU/USD Outlook!
A bullish closure above the 2,007 former high activated an upside continuation and is seen as a long opportunity.
