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02.05.2023 07:00 PMThe price of gold rallied in the short term and now is trading at 2,012 and it seems determined to hit new highs after poor US data. You knew from my previous analyses that XAU/USD could develop a new swing higher after taking out the downtrend line.
Yesterday, XAU/USD crashed after the US reported positive data. Today, the yellow metal registered a strong growth as the USD took a hit from JOLTS Job Openings came in at 9.59M below 9.74M expected, while Factory Orders rose by 0.9% less compared to the 1.3% growth estimated.
Tomorrow, the FOMC, ADP Non-Farm Employment Change, and ISM Services PMI should bring high action.
Technically, XAU/USD found strong support and demand around the former lows and now it has turned to the upside. Its failure to reach and retest 1,971 announced exhausted sellers.
Now, it has jumped above the weekly R1 (2,007) and it challenges the 2,015 static resistance. Still, after its strong growth, a temporary retreat could be natural. The rate could try to test and retest the broken levels before extending its growth.
You knew from my previous analysis that XAU/USD signaled that the downside movement ended after passing above the downtrend line. The downtrend line retest was seen as the first buying opportunity.
Closing and consolidating above the weekly R1 (2,007) and above 2,015 should announce further growth. Confirming the breakout above these resistance levels represents a new buying opportunity with a potential target at 2,048.
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