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XAU/USD registered strong growth but now it has found strong resistance and it could retreat a little. It's trading at 1,981 at the time of writing. The bias remains bullish despite temporary drops.
Fundamentally, the price of gold could drop in the short term after the US Flash Services PMI came in at 53.8 points above the 50.3 points expected, while Flash Manufacturing PMI jumped from 47.3 points to 49.3 points whereas analysts had expected a drop to 47.0.
XAU/USD tested and retested 1,998 registering only false breakouts. Now, it seems very heavy. It could approach and reach the uptrend line and the 1,966 former low. These are seen as downside obstacles.
Technically, as long as it stays above the uptrend line, the bias remains bullish and it could resume its growth.
False breakdowns below the immediate support levels should announce a new bullish momentum. This could represent a new long opportunity. A valid breakout above 1,998 activates further growth and is seen as a bullish signal.
A valid breakdown below 1,966 and through the uptrend line validates a larger drop. This is seen as a selling opportunity.
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