- The price of gold is bullish as long as it is above the upper median line (uml).
- Removing the current resistance level activates further growth.
- Fundamentals should be decisive tomorrow.
The price of gold is trading in the green zone at $2,126 at the time of writing. The metal maintains a strong bullish trend and wants to reach new highs. The US dollar fell again in the last few hours, weakening the greenback.
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The price of gold jumped higher even as the Swiss consumer price index rose 0.6% versus the 0.5% gain estimated after a 0.2% rise in the previous reporting period.
Today, the US ISM Services PMI is a high-impact event and could bring more action. It is expected to fall from 53.4 points to 53.0 points, while Factory Orders could report a decline of 3.1%.
Tomorrow, the basics remain in the driver’s seat. Australian GDP could post 0.2% growth, US ADP Non-agricultural employment change could jump to 149K from 107K, while the JOLTS jobs indicator could fall from 9.03M to 8.80M.
Moreover, the BoC is expected to keep the overnight rate at 5.00%, while Fed Chairman Powell testified that he could change the mood.
Gold Price Technical Analysis: Strongly Bullish
KSAU/USD ignored the upper middle line (uml) and the weekly R1 of $2,105. It now triggers the 150% Fibonacci retracement. This represents dynamic resistance, so a valid breakout can herald further upside. Weekly R2 of 2129 stands as static resistance.
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Price needs to clear this obstacle as well to get closer to the first warning line (vl1) of the main ascending villas. Gold is strongly bullish, despite minor pullbacks.
Short-term dips could bring us new long opportunities. The upper middle line (uml) represents dynamic support, so KSAU/USD remains bullish as long as it is above it.
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