30.10.2023 12:03 PMThe price of gold is trading in the red at 1,993 at the time of writing. After Friday's amazing rally, a retreat is natural. Still, the rate could only test and retest the near-term support levels before jumping higher again. The bias remains bullish, so further growth is natural despite temporary retreats.
Fundamentally, XAU/USD extended its growth on Friday even if the US reported positive economic data. Today, the Australian Retail Sales came in better than expected, the Eurozone reported mixed data, while the UK data came in worse than expected. Tomorrow, the Bank of Japan, the US Employment Cost Index, and the CB Consumer Confidence represent high-impact events. So, the fundamentals could move the rate.
Technically, the price of gold found resistance right above the channel's upside line and now it is almost to hit the weekly pivot point of 1,989. This stands as the first downside obstacle. 1,987 and the uptrend line represent strong support levels as well.
As long as it stays above these levels, the bias remains bullish. Taking out the 1,987 historical level activated an upside continuation. Retesting it may confirm the breakout.
Testing and retesting 1,987 and the uptrend line, registering only false breakdowns could bring new buying opportunities. The new higher high of 2,009 is seen as a potential target. The bullish scenario could be invalidated if the rate drops and closes below the uptrend line.
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