The price of gold is traded at 1,838 at the time of writing. In the short term, it has changed little after finding strong resistance around 1,844. Technically, after yesterday’s rally, we cannot exclude a temporary decline. XAU/USD could come back down to test and retest the immediate support level (resistance turned into support) before resuming its growth. Fundamentally, the US Unemployment Claims is expected at 227K in the last week. Worse than expected data could lift the yellow metal.
The 1,831 - 1.834 area represented a strong resistance zone. After its failure to reach and retest the ascending pitchfork’s median line (ml), XAU/USD could come back to test and retest the broken zone. A minor consolidation above this area could help the yellow metal to attract more bullish energy. From the technical point of view, the bias remains bullish as long as the price of gold is traded above the ascending pitchfork’s lower median line (LML). As you can see on the h4 chart, the median line (ml) is seen as a potential upside obstacle if the rate jumps higher.
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