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The price of gold climbed as much as 1,959 but it has failed to stay near this new high and now is located at 1,924. After its strong rally, a temporary drop was natural and expected. It could try to test and retest the near-term support levels before jumping higher as the bias remains bullish.
As you already know, the XAU/USD rallied after the US CB Consumer Confidence, Chicago PMI, ADP Non-Farm Employment Change, and ISM Manufacturing PMI came in worse than expected. Also, the FOMC boosted the price of Gold.
Today, the BOE and ECB increased the interest rates by 0.50% as expected. XAU/USD retreated a little also because the US Unemployment Claims came in at 183K versus the 196K expected. Tomorrow, the fundaments should move the rate again. The NFP is expected to come in worse compared to the previous reporting period, while the Unemployment Rate could increase from 3.5% to 3.6%.
In my opinion, poor US data should lift the yellow metal. Technically, it registered a strong rally after the FOMC, but its failure to stay above 1,949 signaled exhausted buyers. Still, don't forget that the bias remains bullish despite temporary drops.
1,911 and the lower median line (lml) represent downside obstacles. XAU/USD could find strong demand around these levels.
The price of gold could approach and reach 1,911, the S1 (1,909), and the lower median line (lml). Testing and retesting these levels, making only false breakdowns could announce a new bullish momentum. This could represent the first buying opportunity after the massive drop.
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