The price of gold continues to move sideways in the short term. It's located at 1,995 at the time of writing. The Dollar Index's indecision makes XAU/USD undecided as well. As you already know, the yellow metal changed little in the short term also because the US banks were closed yesterday.
Today, the US data should bring sharp movements in both directions. The Flash Services PMI and Flash Manufacturing PMI represent high-impact events, so the volatility should be very high. Also, the Canadian retail sales figures should move the rate as well.
XAU/USD Accumulation!
As you already know from my previous analysis, XAU/USD is trapped between 1,986 and 1,998 levels.
Escaping from this extended range could bring new opportunities. Now, it challenges the upper median line (uml) which represents a dynamic resistance. Its failure to approach and reach the 1,986 static support again signaled strong upward pressure.
Gold Outlook!
Jumping and closing above 1,998 activates further growth and is seen as a buying opportunity.
