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Gold plunged in the short term and now is trading at 1,856.64, far below 1,877.14 yesterday's high. Still, the retreat could be only a temporary one. The yellow metal could start advancing again if the Dollar Index slips lower after its amazing rally.
XAU/USD plunged after the United States Retail Sales registered a 1.7% growth in October versus 1.3% expected, while the Core Retail Sales reported a 1.7% growth versus 1.0% expected. Also, Industrial Production and the Capacity Utilization Rate come in better than expected.
Earlier, the UK inflation data came in higher than expected. As you already know, Gold is used as a hedge against inflation. Later, Canada is to release its inflation figures as well.
XAU/USD rallies at the time of writing after failing to reach the weekly pivot point of 1,848.78. Technically, it has found support on the triangle's downside line and now is fighting hard to come back higher.
In the short, Gold could move sideways trying to accumulate more bullish energy before jumping higher. Coming back above 1,868.62 upside obstacle and stabilizing above this level could signal an upside continuation.
Gold could still resume its upwards movement as long as it stays above 1,848.78 pivot point and above 1,841.57 low. In the short term, it could move sideways trying to accumulate more bullish energy and to attract more buyers.
A small consolidation around the current levels could bring new buying opportunities with a potential target at the 1,900 psychological level.
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