The price of gold rallied and now is trading at 1,927 at the time of writing above today's low of 1,919. In the short term, the yellow metal seems undecided ahead of the US and Canadian data. Still, XAU/USD remains under upside pressure as the DXY is still under massive pressure.
Fundamentally, Canada is to release its inflation figures later. The CPI may report a 0.4% growth. In addition, the US CB Consumer Confidence could jump from 102.3 to 103.9 points. Better-than-expected US data should punish the price of gold.
XAU/USD Undecided!
XAU/USD moves somehow sideways. The rate is trapped inside of a triangle pattern. Escaping from this formation should bring us new opportunities.
The false breakdown below 1,921 signaled strong buyers and a potential rally. The median line (ml) and the weekly pivot point of 1,930 represent strong upside obstacles.
XAU/USD Outlook!
A valid breakout above the pivot point (1,930) and above the triangle's resistance activates a larger growth and is seen as a buying opportunity.
A new lower low, a bearish closure below 1,919 is seen as a selling opportunity.
