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The price of gold rallied in the short term after failing to activate a larger drop. XAU/USD continues to move somehow sideways as the Dollar Index seems undecided. It was trading at 1,786 at the time of writing.
Surprisingly or not, the yellow metal rallied after the BOC's meeting. The Overnight Target Rate was increased from 3.75% to 4.25% matching expectations. As you already know, the RBA increased the Cash Rate from 2.85% to 3.10% as expected yesterday as well. On Friday, the US PPI and Core PPI could have an impact on gold.
XAU/USD tested and retested the channel's downside line signaling exhausted sellers and upside pressure. Now, it challenges the upside line and the 1,786 static resistance.
1,787 today's high represents an upside obstacle as well. False breakouts through the immediate resistance, a rejection could announce a new sell-off.
A new higher high, a valid breakout through 1,787 activates further growth and brings new longs. The 1,810 higher high is seen as a potential target if the rate continues to grow.
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