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Gold rallied in the last hours climbing as much as 1,803.28 level. The bias remains bullish as the rate stands above strong dynamic support. In the short term, the yellow metal dropped a little to test and retest the buyers, the immediate downside obstacles before jumping higher.
XAU/USD could jump higher as the Dollar Index is under pressure. USD's depreciation could help the price of Gold to jump towards new highs. Earlier, the BOJ brought some volatility and strong moves.
Later today, the ECB and the US Advance GDP could be decisive. Anything could happen around the ECB Press Conference and after the Monetary Policy Statement. Furthermore, the US Advance GDP could register only a 2.6% growth versus the 6.7% growth registered in the previous reporting period.
The price of gold tested and retested the broken downtrend line, the lower median line (lml), and the weekly pivot point (1,788.57). As you can see, the rate registered only false breakdowns below all these downside obstacles.
Now, it challenges the 1,800.64 static resistance. Making a valid breakout above it could signal potential further growth. Personally, I would like to see a temporary consolidation above the 1,800 psychological level before climbing towards new highs.
Gold could extend its upwards movement as long as it stays above the ascending pitchfork's lower median line (lml). It's still trapped within an up channel between the lower median line (lml) and the inside sliding line (sl). 1,834.04 is seen as an upside target if the rate validates its breakout above 1,800.64.
An upside continuation could be invalidated by a valid breakdown below the ascending pitchfork's lower median line (lml).
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