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Gold rallied after failing to stabilize under the 1,800 psychological level. It was traded at the 1,815.76 level at the time of writing, challenging the 1,815.57 static resistance. The yellow metal edged higher as the Dollar Index dropped. DXY's further drop could help the XAU/USD buyers to push the rate higher.
Today, the US reported better than expected data, but the USD failed to dominate the currency market. In my opinion, the Dollar Index was too overbought to be able to climb higher. The Unemployment Claims dropped unexpectedly lower from 206K to 198K, below 205K expected, while the Chicago PMI increased from 61.8 points to 63.1 points, exceeding the 61.9 points expected.
Gold dropped in the short term after failing to take out the 1,815.57 resistance in the previous attempt. If you remember, I've told you in my previous analysis that the downside movement could be only a temporary one.
I've also mentioned that a bullish pattern printed on 1,794.70 could signal that the downside movement is over and that the XAU/USD could develop a new leg higher.
Gold registered a false breakdown below 1,794.70 and under the 1,800 psychological level announcing that the correction ended. Yesterday's bullish engulfing signaled a new swing higher.
Now, it's traded in the resistance zone. Making a valid breakout above the 1,815.57 could signal an upside continuation and could bring new long opportunities. A bullish closure above 1,820.30 could validate further growth.
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