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The price of gold rallies on the geopolitical tensions and because the inflationary pressure grows. XAU/USD was traded at 1,898 at the time of writing right below 1,899 today's high. Also, DXY's drop helped the yellow metal to grow.
XAU/USD takes advantage of some poor US economic data released today. The Unemployment Claims was reported at 248K versus 217K expected, Philly Fed Manufacturing Index dropped from 23.2 to 16.0 points far below 19.9 estimates, while the Housing Starts came in at 1.64M below 1.70M forecasts.
XAU/USD extended its growth after ignoring the weekly R1 of 1,880 and the ascending pitchfork's upper median line (uml). Now, it's almost to reach the weekly R1 (1,901), the 1,900 psychological level, and the 150% Fibonacci line - all of them representing upside obstacles.
Technically, we have a strong confluence area at the intersection between these resistance levels. A valid breakout may announce further growth, while a false breakout will signal that the yellow metal is likely to drop a little.
Jumping, closing, and stabilizing above the confluence area, above the 1,901 could activate an upside continuation towards the first warning line (wl1).
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