- The gold price bias is bullish, despite the last retreat.
- The US data should bring high action today.
- The upper median line (uml) is seen as a potential target.
The gold price is trading in the green at $2,195 at the time of writing, with a fresh top in sight. XAU/USD extended its growth even though the US dollar jumped higher.
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Today, the fundamentals should move the prices, so uncertainty remains prevalent. The US Final GDP is expected to report a 3.2% growth again, and Claims could jump from 210K to 212K in the previous week.
Pending Home Sales may report 1.4% growth after a 4.9% drop in the previous reporting period, while Revised UoM Consumer Sentiment is expected at 76.5 in March.
Furthermore, the Chicago PMI could jump from 44.0 points to 45.9 points, which could be good for the greenback, while the Final GDP Price Index may announce a 1.6% growth. Positive US data should help the USD appreciate versus all its rivals. This scenario could punish the price of gold.
Tomorrow, the Japanese and US data should move the prices.
Gold Price Technical Analysis: Strong Upside Pressure
From a technical point of view, the XAU/USD came back higher after ending its temporary correction. After the previous rally, the prices retraced some gains.
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The precious metal dropped within a down-channel pattern, which represented a bullish continuation formation. The XAU/USD rallied again after escaping from this pattern. It has retested the median line (ml), confirming this line as a dynamic support.
As long as it stays above it, the bias is bullish. The upside pressure is high, so the price could try to approach the weekly R1 (2,210) and the upper median line.
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- Source: https://www.forexcrunch.com/blog/2024/03/28/gold-price-retains-momentum-near-2200-ahead-of-us-gdp/
