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The price of gold extended its growth in the last session as the USD resumed its depreciation. It's located at 2,044 at the time of writing below today's high of 2,051. After such an impressive growth, a retreat could be natural. You knew from my yesterday's analysis that the bias is bullish and that XAU/USD could jump higher.
Surprisingly, the USD lost more ground versus its rivals even if the US CB Consumer Confidence came in at 102.0 above 101.0 expected. In addition, the HPI came in better than expected, while S&P/CS Composite-20 HPI and Richmond Manufacturing Index came in worse than expected. Still, the greenback crashed due some dovish remarks from the FOMC members.
Today, the Australian CPI reported a 4.9% growth versus 5.2% growth estimated, while RBNZ left the monetary policy unchanged. Later, the US Prelim GDP could bring more action.
Technically, XAU/USD edged higher after taking out the 2,017 as expected. I've told you that the bias is bullish as long as it stays above the uptrend line.
Now, it has reached the up channel's upside line which represents a dynamic resistance. Today's high of 2,051 is seen as a static resistance, while the former low of 2,038 stands as a downside obstacle.
After its growth, the rate could retreat a little. It could come back to test and retest 2,038 before jumping higher again. False breakdowns below this level could bring us new longs. Also, jumping and closing above 2,051 activates further growth.
On the contrary, dropping and closing below 2,038 activates a larger retreat.
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