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The price of gold rallied in the last hours and now is trading at 1,950 far above today's low of 1,934. You knew from my previous analysis that XAU/USD maintains a bullish bias and it could register only a temporary drop.
Fundamentally, the UK CPI and Core CPI reported higher inflation in February. Later, the FOMC should definitely bring high action and aggressive moves. The FED is expected to increase the Federal Funds Rate from 4.75% to 5.00%.
XAU/USD dropped within a down channel and now it has found support (demand) on the 1,937 key level. You knew from yesterday's analysis that the sell-off could be over around this level and above the upper median line (uml).
Now, it challenges the downtrend line and the weekly pivot point of 1,947. Validating its breakout may announce an upwards movement.
Testing and retesting the broken downtrend line and making a bullish closure above 1,952 today's high is seen as a bullish signal.
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