The price of gold is moving sideways in the short term and the trajectory seems undecided. It's trading at 2,015 at the time of writing. It has changed little in the short term, that's why we need to wait for a fresh trading opportunity.
Fundamentally, XAU/USD stays higher as the US Empire State Manufacturing Index came in at -31.8 points versus -3.7% expected. Tomorrow, the Canadian CPI and the US retail sales data could be decisive.
XAU/USD 2,011 As Key Support!
As you can see on the H1 chart, the rate is trapped between 2,022 and the minor uptrend line. Escaping from this pattern could bring us new opportunities.
After its last drop, a temporary rebound was natural. Still, the current rebound could represent a bearish pattern.
XAU/USD Forecast!
A bullish closure above 2,022 activates further growth and represents a buying signal.
A valid breakdown below the uptrend line and through 2,011 validates a downside movement and brings a new short opportunity.
