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Gold rallied in the last hours and now is trading at 1,973 at the time of writing. USD's depreciation helped the yellow metal to jump higher. The bias is bullish in the short term but a larger growth needs confirmation.
XAU/USD is strongly bullish in the short term also because the US Final GDP and Unemployment Claims came in worse than expected today. Tomorrow, the economic calendar is filled with important economic data, so the fundamentals should move the rate.
Technically, XAU/USD retested the lower median line (lml) of the ascending pitchfork, registering a false breakdown below 1,959 and signaling that the retreat could be over and that the buyers could take full control again.
In the short term, Gold is trapped between 1,975 and 1,959 levels. Escaping from this pattern should ring new opportunities.
Now, it challenges the weekly pivot point of 1,974 and the 1,975 resistance level. A bullish closure above these obstacles confirms further growth and is seen as a long opportunity with a target at the median line (ml).
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