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The price of Gold rallied in the last hours and now it seems determined to approach and reach new highs as the Dollar Index remains under strong downside pressure. As you already know, XAU/USD edged higher after the US Unemployment Rate came in at 3.7% in October versus 3.5% in September and compared to the 3.6% expected.
Fundamentally, the US inflation could be decisive on Thursday. The CPI is expected to report a 0.6% growth in October versus 0.4% growth in September, while Core CPI could register a 0.5% growth versus the 0.6% growth in the previous reporting period.
Technically, the yellow metal rallied after closing above the downtrend line. It has found resistance at 1,681 and now it has dropped a little. It's trapped between 1,681 and 1,666 levels.
The current range could represent a bullish continuation pattern. After its strong growth, a minor retreat was natural. The false breakdown below 1,666 signaled exhausted sellers.
A valid breakout through 1,681 activates further growth and brings new long opportunities with a major upside target at 1,702.
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