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XAU/USD has managed to rebound and erase some of yesterday's losses. Now, it is located at 1,663 at the time of writing. Surprisingly or not, the yellow metal rebounded, even though the DXY bounced back.
As you already know, the ECB increased the Main Refinancing Rate from 1.25% to 2.00% as expected, while the US economic data came in mixed. Today, the BOJ left its monetary policy unchanged, the BOJ Policy Rate remains at -0.10% as expected. The BOJ Press Conference could bring some volatility and strong action.
Later today, the Canadian GDP is expected to report a 0.0% growth while the US Core PCE Price Index could register a 0.5% growth.
As you can see on the H1 chart, XAU/USD is fighting hard to stabilize above the uptrend line. It has managed to jump above the flag's resistance but it's premature to talk about an upside continuation.
As you already know from my previous analysis, 1,668 stands as a static resistance. Also, the 1,675 former high is seen as resistance as well.
A valid breakout above 1,668 and through 1,675 activates an upside continuation and brings new long opportunities.
On the other hand, coming back below the flag's resistance and making a new lower low, dropping below 1,660 invalidates an upside continuation and brings a new sell-off.
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