XAU/USD climbed as much as 1,849 today where it has found temporary resistance. It has retreated a little to retest the near-term downside obstacles and now it tries to resume its growth. The bias is bullish despite temporary retreats. The yellow metal dropped a little today only because the Dollar Index rallied.
Fundamentally, the Eurozone reported mixed data today and yesterday, Canadian Manufacturing PMI was reported at 49.2 points compared to the 49.9 points expected, while UK Final Manufacturing PMI came in better than expected.
In addition, the US Final manufacturing PMI came in line with expectations, at 46.2 points. Later, Construction Spending could register a 0.4% drop after the 0.3% drop in the previous reporting period.
XAU/USD Natural Temporary Retreat!
XAU/USD dropped a little and retested 1,833 and now it has turned to the upside again. After its strong growth, a minor drop was expected. 1,824 was seen as a potential downside obstacle as well. As long as it stays above the immediate support levels, the bias is bullish.
Technically, 1,849 represents a static resisatnce, an upside obstacle. It remains to see how it reacts when reaching this level.
XAU/USD Forecast!
A valid breakout through 1,849 activates an upside continuation and brings new long opportunities.
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