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Gold rallied in the short term and it has climbed as much as 1,821 yesterday registering a new high. As you already know, the bias is bullish but an upside continuation needs confirmation. After its rally, we cannot exclude a temporary retreat. The rate could come to test and retest the immediate support levels trying to accumulate more bullish energy.
As you already know from my yesterday's analysis, Canada is to release its inflation figures. The Consumer Price Index may report a 0.0% growth versus 0.7% in the previous reporting period. In addition, the US CB Consumer Confidence is expected to grow from 100.2 points to 101.0, while Existing Home Sales could drop from 4.43M to 4.20M.
As you already know from yesterday's analysis, the bias remains bullish as long as it stays above the uptrend line and above 1,807. The price found resistance at the weekly R1 (1,820) and now it could come back to retest the 1,807 static support.
Consolidation above the downside obstacle signals that the rate attracted more bullish energy before resuming its growth.
Testing and retesting the 1,807 and staying above it could announce a new upside momentum. This scenario could bring new long opportunities. Still, an upside continuation could be activated by a new higher high. So, a valid breakout above 1,824 activates an upside continuation and brings new buying signals.
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