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The price of gold continues to move sideways in the short term. It was trading at 1,835 at the time of writing. XAU/USD is trapped in a narrow range, so we'll have to wait for a valid breakout from this pattern before taking action.
Fundamentally, the Canadian retail sales data brought some action on the yellow metal today. The Retail Sales indicator reported a 0.9% growth versus 0.8% expected, while the Core Retail Sales surged by 1.3% compared to 0.5% forecasts. Also, the US Existing Home Sales came in at 5.41M above 5.40M expected.
Tomorrow, the fundamentals could be decisive. The UK and Canadian inflation figures could force the XAU/USD to escape from the current pattern.
You knew from my previous analysis that XAU/USD dropped within a down channel. In the short term, it's trapped between 1,844 and 1,832. As you can see on the H1 chart, the rate registered only a false breakout through the downtrend line and above the weekly pivot point of 1,841 signaling strong downside pressure.
Now, it challenges the uptrend line which stands as a dynamic support. Escaping from the current range could bring new trading signals.
Gold could resume its sell-off if it stays under the flag's resistance and if it makes a new lower low, if it drops and closes below 1,830.
Staying above the uptrend line and making a valid breakout above the 1,844 could bring new long opportunities.
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