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The price of Gold rallied today as the Dollar Index has extended its sell-off. The yellow metal increased as much as 1829.63 level where it has found temporary resistance. The bias remains bullish after failing to invalidate a larger drop. XAU/USD registered a temporary correction and now it seems determined to climb towards new highs.
Fundamentally, Gold accelerated its upwards movement after the US ISM Manufacturing PMI and the JOLTS job Openings reported worse than expected data yesterday. Today, the ADP Non-Farm Employment Change was reported at 807K far above 405K expected but Gold continues to stay higher as the DXY is still bearish.
Later, the FOMC Meeting Minutes could really shake the markets and could bring sharp movements. This is seen as a high-impact event. A hawkish report could boost the USD, the Federal Reserve is expected to end its pandemic QE and to hike rates in the upcoming meeting.
XAU/USD edged higher after registering a false breakdown with great separation below the 1800 psychological level and under the uptrend line. Now, it's located at 1,823.63 at the time of writing, above the 1,820.30 broken resistance.
As long as it stays above this level and above the 1,815.57, XAU/USD could extend its upwards movement. 1,831.83 and 1,834.19 are seen as the next upside targets. After the amazing really, we cannot exclude a temporary decline or a consolidation.
A minor retreat on a sideways movement could announce a new bullish momentum and could bring new long opportunities. Anything could happen around the FOMC Minutes, so you have to be careful.
A larger swing higher could be confirmed by a valid breakout above the 1,834.19 level. Personally, I would like to see a minor consolidation before resuming its upwards movement. The bias remains bullish as long as it stays above the uptrend line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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