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The price of gold is trading in the red at 1,754 at the time of writing. After its strong growth, a temporary drop is natural. The rate could test and retest the near-term downside obstacles before resuming its growth.
Fundamentally, XAU/USD rallied in the short term after the US Flash Services PMI came in worse than expected signaling further contraction, while Flash Manufacturing PMI dropped into the contraction territory. Also, the FOMC Meeting Minutes weakened the greenback and helped the yellow metal to jump higher.
Gold rallied after escaping from the down-channel pattern. It has registered a valid breakout through 1,749 as well. After its strong rally, a minor retreat or a sideways movement is natural.
The bias remains bullish as long as it stays above 1,749. The 1,758 former high represents a static resistance.
A new higher high, a valid breakout above 1,758 signals an upside continuation. This is seen as a buying setup. Also, testing and retesting 1,749 could bring a new upside momentum.
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