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The price of gold plunged in the short term after registering a new higher high of 1,974.48. Still, the retreat could be only a temporary one. The bias remains bullish, so the yellow metal could turn to the upside anytime as long as it stays above the immediate uptrend line.
Today, XAU/USD erased the temporary gains also because the US data came in better than expected. The Core PCE Price Index rose by 0.5% matching expectations, Durable Goods Orders increased by 1.6% versus 1.1% expected, while the Core Durable Goods Orders reported a 0.7% growth versus 0.4% expected. Furthermore, Personal Income, Personal Spending, and the Revised UoM Consumer Sentiment came in better than expected as well.
As you can see on the H4 chart, XAU/USD found resistance at the 1,959 - 1,965 area. It has dropped in the short term and found strong demand and support on the uptrend line.
In the short term, the price has rebounded, but the bullish momentum was stopped by 1,916. Now, it has slipped lower to retest the uptrend line and eventually the weekly pivot point of 1,881.
Gold could develop a new leg higher as long as it stays above the uptrend line. Testing and retesting this dynamic support could bring new long opportunities. Also, registering false breakdowns or developing a strong bullish engulfing could announce a new leg higher.
Only a valid breakdown below the uptrend line and below the 1,877 could invalidate a new swing higher and could announce a deeper drop.
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