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Gold edged higher in the last hours as the USD has depreciated versus its rivals. Technically, the yellow metal is still expected to advance higher after the current sideways movement, indecision.
The price action signaled lately that the downside seems limited, so another leg higher is favored if XAU/USD passes above 1,864 former high. Practically, the price of gold will be expected to increase if the US Dollar Index will decline again in the short-term.
The greenback is vulnerable after yesterday's US GDP data. The Advance GDP increase only by 4.0% versus 4.2% expected while the Advance GDP Price Index registered a 2.0% growth compared to 2.2% estimated by specialists.
Later, the US is to release more economic data which could add more volatility. Poor figures could boost the price of gold.
XAU/USD has found strong demand right below the Pivot Point (1,844) and now is trading above it. Technically speaking, it looks like that the rate has printed the inverse H&S right shoulder signaling a short-term upside reversal.
Still, please keep in mind that the reversal pattern is far from being confirmed. We'll get confirmation when the price passes and stabilizes above 1,863.
Staying above the PP (1,844) and beyond the upside sliding line (SL1) could bring an upside momentum anytime. Also, breaking above 1,863 indicates further growth with targets at 1,900 and higher at the upper median line (UML).
Personally, I believe that the upside scenario could be invalidated only by a drop through the 1,800 psychological level.
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