The price of gold ended its minor retreat and now is trading at 1,999 at the time of writing. It's located at 2,000 at the time of writing far above yesterday's low of 1,988. In the short term, the upside pressure remains high, so the XAU/USD could try to approach and reach new highs.
Yesterday, the yellow metal dropped a little as the US reported positive data. Goods Trade Balance came in at -84.6B versus the -90.1B expected, Durable Goods Orders reported a 3.2% growth compared to the 0.7% growth estimated, while Core Durable Goods Orders rose by 0.3%, even if the specialists forecasted a 0.2% drop.
Today, the US data could be decisive. The Flash GDP and Unemployment Claims represent high-impact events. Poor economic data should weaken the USD and could boost XAU/USD.
XAU/USD Upside Pressure!
The rate dropped after registering only a false breakout with great separation above 2,003 and through the weekly R1 (2,008). Still, its failure to stay below the weekly pivot point of 1,989 and under the lower median line (uml) signaled that the buyers are still in the game.
Technically, the bias remains bullish as long as it stays above the lower median line (lml). 2,003 represents the first upside target.
XAU/USD Prediction!
A valid breakout above 2,003, a new higher high indicates further growth ahead. This scenario is seen as a buying opportunity.
