The price of Gold rallied after registering a small consolidation. It's traded at 1,908.26 at the time of writing below 1,914.32 today's high. The bias remained bullish even if the price action signaled exhausted buyers. The geopolitical tensions and the inflationary pressure boosts the yellow metal.
Today, the US CB Consumer Confidence is expected to drop from 113.8 to 109.9 points, the Flash Services PMI could jump from 51.2 to 52.9 points, while the Flash Manufacturing PMI may climb from 55.5 to 55.9 points which could be good for the USD.
XAU/USD 1,914.32 New High!XAU/USD has accumulated more bullish energy below the 1,900 psychological level signaling an imminent breakout. Now, it has managed to jump above the 150% Fibonacci line of the ascending pitchfork which represented a dynamic resistance.
Its failure to come back to test and retest the upper median line (uml) signaled that the bulls are still strong. 1,916.61 stands as an upside obstacle. Furthermore, the weekly R1 (1,918.32) and the first warning line (wl1) could be used as upside targets as well.
XAU/USD Outlook!Its aggressive breakout above 1,877.14 and through the ascending pitchfork's upper median line (uml) signaled potential upside continuation and it was seen as a long opportunity. The bias is bullish, so stabilizing above the 150% Fibonacci line may confirm more gains.
A valid breakout above 1,916.61, jumping and consolidating above this level could announce a larger upwards movement and could bring new buying signals.