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20.01.202318:14 Forex Analysis & Reviews: Gold: upside continuation signaled

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The price of gold dropped a little after reaching 1,937 today's high. Now, it was trading at 1,926 at the time of writing. The bias remains bullish, so temporary retreats should bring us new longs.

Fundamentally, the US reported mixed data yesterday. Today, the US Existing Home Sales came in at 4.02M versus the 3.95M expected. Also, the UK Retail Sales came in worse than expected while the Canadian retail sales data came in mixed.

XAU/USD Retests The Broken Levels!

Technically, the price of gold dropped after registering a fasle breakout through the 1,935 static resistance. The 1,919 - 1,916 and the upper median line (uml) represent support levels.

As long as it stays above these levels, the yellow metal could resume its growth. Only dropping and closing below 1,916 activates a downside movement and brings new shorts.

XAU/USD Forecast!

False breakdowns below 1,919 could announce a bullish momentum and could represent the next long opportunity. A new higher high, a valid breakout above 1,935 activates an upside continuation and represents a bullish signal.

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