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The price of gold is moving somehow sideways in the short term. After its strong growth, the rate tries to accumulate more bullish energy before resuming its upwards movement. It was located at 1,717 at the time of writing. Fundamentally, the Unemployment Claims came in worse than expected earlier and could help Gold to jump higher. The indicator was reported at 219K above 205K expected versus 193K in the previous reporting period.
XAU/USD could continue to move sideways ahead of the US Non-Farm Payrolls indicator. This is seen as a high-impact event and is expected at 265K in September versus 315K in the previous reporting period. The Average Hourly Earnings and the Unemployment Rate data will be released tomorrow as well and could have a big impact on XAU/USD. The better-than-expected US data could boost the USD and could force XAU/USD to slip lower.
Technically, the rate found resistance at 1,729 and now it has retreated a little. Still, the bias remains bullish as long as it stays above the uptrend line. The current sideways movement could represent an upside continuation pattern.
On the other hand, a valid breakdown below the uptrend line may signal that the upside movement could be over and that the sellers could take the lead. This scenario could take shape if the Dollar Index continues to grow.
Staying above the uptrend line and making a valid breakout of 1,729, jumping and stabilizing above this level activate an upside continuation and bring new long opportunities. False breakdowns through the uptrend line signal new bullish momentum.
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