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The price of gold retreated a little in the short term after reaching 1,966 today's high. Now, it's trading at 1,960 at the time of writing. Technically, the upside pressure remains high, so a larger rebound is still possible.
Fundamentally, XAU/USD rallied in the short term as the US ISM Services PMI, Factory Orders, and Final Services PMI came in worse than expected. Tomorrow, the BOC and the Australian GDP could bring high action on the yellow metal.
Technically, XAU/USD came back above the weekly pivot point (1,954) and now it could challenge the median line (ml) and the 1,966 former high. As you can see on the H1 chart, the rate retested the pivot point confirming the breakout and indicating an upside breakout.
The median line (ml) of the ascending pitchfork represents a dynamic resistance. Taking out this upside obstacle may announce an upside continuation.
A valid breakout above 1,966 and above the median line (ml) activates further growth and is seen as a new buying opportunity. The upper median line (uml) represents a major upside target.
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