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The price of gold was falling at the time of writing after showing overbought signs. A minor decline was expected after its amazing rally. The yellow metal comes back down trying to accumulate more bullish energy to attract more buyers before resuming its growth.
In the short term, it could only test and retest the immediate support levels before jumping higher. XAU/USD is traded at 1,802.91 below 1,814.30 today's high. The price registered a 3.49% growth from 1,753.07 Wednesday's low to 1,814.30 today's high.
Fundamentally, Gold remains strong after higher inflation reported by the US and by the UK during the week. XAU/USD is used as a hedge for inflation, so the bias remains bullish.
As you can see on the h4 chart, Gold registered an amazing rally and it has escaped from the range pattern between 1,761.94 and 1,794.70 levels after registering a false breakdown with great separation on Wednesday.
Now, it has failed to reach the 1,815.57 static resistance signaling exhausted buyers. It's traded below the weekly R2 (1,805.04). Staying below it could signal a potential drop towards the 1,794.70 static support (resistance turned into support).
The current drop could help the buyers to catch a new upside movement. When the current drop ends, we'll have a new long opportunity. Technically, the retreat could be over around 1,794.70. A minor consolidation above this level or only false breakdowns below it could announce a new leg higher.
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