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The price of gold resumed its growth in the short term as expected. Now, it's trading at 1,982 and it seems determined to extend its growth. You knew from my previous analysis that XAU/USD is bullish in the short term.
Later, the fundamentals should take the lead. The US Core PCE Price Index could report a 0.4% growth, while the Canadian GDP may register a 0.4% growth after the 0.1% drop in the previous reporting period. In addition, the Eurozone CPI Flash Estimate, Core CPI Flash Estimate, and the US Chicago PMI, Revised UoM Consumer Sentiment, Personal Spending, and Personal Income could have an impact as well.
XAU/USD ignored the weekly pivot point of 1,974 and the 1,975 static resistance confirming strong upside pressure. I told you yesterday that a valid breakout through these obstacles, a new higher high, activates further growth.
In the short term, the yellow metal moved sideways trying to accumulate more bullish energy before extending its growth.
The breakout above 1,975 was seen as a buying opportunity. The current accumulation may announce further growth at least towards the median line (ml). A larger growth should be activated after making a valid breakout through the median line (ml).
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