The price of gold rallied in the short term and now is trading at 1,923 at the time of writing. It has increased by 1.17% from Friday's low of 1,903 to 1,926 today's high. You knew from my previous analysis that XAU/USD could extend its growth despite temporary retreats.
On Friday, the yellow metal registered sharp movements in both directions due Jackson Hole Symposium remarks. Today, the Australian Retail Sales reported a 0.5% growth beating the 0.2% growth expected, helping the price of gold to come back higher.
XAU/USD More Gains!XAU/USD rallied after failing to retest the 1,903 key static support. Now, it is challenging the 1,922 former high which represents a static resistance.
In the short term, a retreat was natural as the rate needed to attract more buying energy before resuming its growth.
XAU/USD Outlook!Stabilizing above 1,922 broken resistance and closing above 1,926 today's high is seen as a new buying signal. The median line (ML) is seen as a major upside target.