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The price of gold retreated a little in the short term but the bias remains bullish. It could only test and retest the immediate support levels before extending its growth. It's trading at 1,851 at the time of writing and it seems ready to jump higher.
Today, XAU/USD retreated a little also because the Switzerland CPI came in better than expected. Higher inflation should force the SNB to take action again. Earlier, the US Factory Orders reported a 1.6% drop compared to the 1.8% drop estimated. Tomorrow, the RBA could really shake the price. Also, Fed Chair Powell's Testimony could have an impact.
Technically, XAU/USD retreated a little but the bias remains bullish as long as it stays above the median line (ml) of the ascending pitchfork. After its strong rally, a retreat was natural.
The current retreat could bring new long opportunities. The rate could only test and retest the immediate downside obstacles before jumping higher.
Testing 1,849 and the median line (ml), registering only false breakdowns may announce a new bullish momentum. This is seen as the first buying opportunity. The bullish scenario could be invalidated only if the rate drops and closes below 1,844.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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