The price of gold rallied and now is trading at 1,933 at the time of writing, far above yesterday's low of 1,902. DXY's massive sell-off brought more buyers to the yellow metal. USD's further depreciation should force the XAU/USD to hit new highs.
Gold accelerated its growth after the Non-Farm Employment Change was reported at 209K versus 224K expected and compared to 306K in the previous reporting period.
XAU/USD 1,931 Resistance Violated!
Technically, XAU/USD found support on the lower median line (lml) of the ascending pitchfork and now it has turned to the upside. It challenges the median line (ml) and the 1,931 resistance levels.
After its amazing growth, a temporary retreat is natural. Still, the upside pressure is high, so further growth is favored.
XAU/USD Outlook!
A bullish closure above today's high of 1,934 activates further growth and is seen as a new buying signal. The upper median line (uml) of the ascending pitchfork represents an upside target.
