- The gold price bias is bullish, despite the latest pullback.
- US data should bring big action today.
- The upper midline (uml) is seen as a potential target.
The price of gold is trading in the green at $2,195 at the time of writing, with a new top in sight. KSAU/USD extended gains even as the US dollar edged higher.
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Fundamentals should move prices today, so uncertainty still prevails. US final GDP is expected to report growth of 3.2% again, and claims could jump from 210k to 212k in the previous week.
Pending home sales may see a 1.4% increase after falling 4.9% in the previous reporting period, while revised UoM consumer sentiment is expected to be 76.5% in March.
Moreover, the Chicago PMI could jump from 44.0 points to 45.9 points, which could be good for the dollar, while the final GDP price index could herald a 1.6% increase. Positive US data should help the dollar strengthen against all its rivals. This scenario could punish the price of gold.
Tomorrow, Japanese and US data should move prices.
Gold Price Technical Analysis: Strong Upward Pressure
From a technical point of view, KSAU/USD has returned higher after the end of the temporary correction. After a previous recovery, prices have returned to some growth.
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The precious metal fell within the lower channel pattern, representing a bullish continuation formation. KSAU/USD rallied again after breaking out of this pattern. It retested the middle line (ml), confirming this line as dynamic support.
As long as it is above that, the bias is bullish. Upward pressure is high, so the price may try to approach the weekly R1 (2,210) and the upper midline.
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