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The price of gold continues to move sideways in the short term. The Dollar Index's rally forced the yellow metal to drop as much as 1,818 today where it has found support. It was traded at 1,822 at the time of writing and is struggling to rebound but the downside pressure remains high.
Fundamentally, the US CB Consumer Confidence came in worse than expected earlier, that's why XAU/USD continues to stay in the buyers' territory. The economic indicator dropped to 98.7 points from 103.2 far below 100.0 expected. Tomorrow, ECB President Lagarde, BOE Gov Bailey, and Fed Chair Powell's speeches at the European Central Bank on Central Banking, in Portugal could really shake the markets.
From the technical point of view, XAU/USD found support on the 1,820 and on the uptrend line signaling a potential rebound. As long as it stays above the uptrend line, the yellow metal could come back higher towards the pivot point (1,830) or even higher to the downtrend line.
The price action developed a symmetrical triangle, so only a valid breakout from this pattern could bring new trading opportunities. In the short term, it could continue to move sideways. Still, staying near the support levels may signal an imminent breakdown.
Testing and retesting the uptrend line, registering only false breakdowns may signal new bullish momentum. A valid breakdown below the uptrend line followed by a new lower low, dropping and closing below the 1,816 could activate a larger drop and could bring new selling opportunities.
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