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Gold has rallied and is now at 1,853.81, below the weekly R1 (1,856.73). The current rally signaled that the precious metal could extend its growth if the DXY (USDX) resumes its decline.
The price of gold edged higher after the publication of a weak report on US retail sales on Friday. Also, industrial production, the capacity utilization rate, and the Prelim UoM consumer sentiment index have come in below expectations, weakening the greenback.
USDX's further decline signals USD's depreciation versus its rivals. This scenario should help the price of gold to resume its upwards movement.
Gold has moved sideways in the short term after finding strong resistance at the 1,843.40 level. It has registered a minor drop to retest the major descending pitchfork's upper median line (UML).
Now, it has registered an aggressive breakout above 1,843.40, an upside obstacle signaling strong buyers. The R1 (1,856.73) is seen as the first upside target. Passing and stabilizing above it could indicate more gains.
Also, stabilizing above the ascending pitchfork's median line (ml) could announce a potential upside movement towards the ascending pitchfork's upper median line (uml).
Retesting the UML and jumping above the immediate highs represented a long opportunity. Now, the breakout above 1,843.40 is seen as a buying opportunity as well. Coming back to test and retest the median line (ml) or the 1,843.40 could bring a new long signal with a great risk/reward ratio.
The upper median line (uml) and the 1,900 psychological level could be used as upside targets.
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