The yellow metal is trading at 2,015 at the time of writing. It has changed little in the short term but the bias remains bullish. USD's depreciation versus its rivals forced the XAU/USD to jump higher. You already know from my previous analysis that Gold remains under strong upside pressure after failing to take out the immediate uptrend line.
XAU/USD moves sideways as the traders are waiting for the US CB Consumer Confidence data before taking action. The indicator is expected at 101.0 versus 102.6 in the previous reporting period. In my opinion, poor US data should boost XAU/USD.
XAU/USD Undecided!
As you already know from my analysis yesterday's analysis, XAU/USD is bullish as long as it stays above the uptrend line. 2,017 stands as a key static resistance.
On the other hand, the uptrend line and 2,005 represent downside obstacles. Technically, staying near the uptrend line may announce exhausted buyers and a potential breakdown.
Gold Outlook!
Testing and retesting the uptrend line followed by a bullish closure above 2,017 activates further growth. This is seen as a buying opportunity.
Only a new lower low, dropping below 2,005 brings new shorts.
