The price of gold is trading in the green at 1,919 at the time of writing and it seems determined to resume its growth. The bias is bullish in the short term despite temporary retreats. After yesterday's rally, the rate could retreat a little trying to accumulate more bullish energy before jumping higher.
Fundamentally, the US data came in mixed again. The Unemployment Claims indicator came in at 230K in the last week versus 239K expected, while Core Durable Goods Orders reported a 0.5% growth compared to the 0.2% growth forecasted. Unfortunately for the USD, the Durable Goods Orders reported a 5.2% drop versus the 4.1% drop estimated. Tomorrow, the Jackson Hole Symposium could be decisive.
XAU/USD Bullish Bias!
As you can see on the h1 chart, XAU/USD found resistance at 1,923 before retreating a little. Still, the upside pressure remains high. As long as it stays above the R1 (1,908) and above 1,903, the yellow metal could extend its swing higher.
Technically, the 1,923 former high represents a static resistance. It remains to see how the rate reacts around it.
XAU/USD Forecast!
Jumping, closing, and stabilizing above 1,923 activates further growth towards new highs. A valid breakout brings a buying signal.
