Relevance up to 18:00 2022-06-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
The price of gold continues to move sideways in the short term. It was trading at 1,835 at the time of writing. XAU/USD is trapped in a narrow range, so we'll have to wait for a valid breakout from this pattern before taking action.
Fundamentally, the Canadian retail sales data brought some action on the yellow metal today. The Retail Sales indicator reported a 0.9% growth versus 0.8% expected, while the Core Retail Sales surged by 1.3% compared to 0.5% forecasts. Also, the US Existing Home Sales came in at 5.41M above 5.40M expected.
Tomorrow, the fundamentals could be decisive. The UK and Canadian inflation figures could force the XAU/USD to escape from the current pattern.
XAU/USD Moves Sideways!
You knew from my previous analysis that XAU/USD dropped within a down channel. In the short term, it's trapped between 1,844 and 1,832. As you can see on the H1 chart, the rate registered only a false breakout through the downtrend line and above the weekly pivot point of 1,841 signaling strong downside pressure.
Now, it challenges the uptrend line which stands as a dynamic support. Escaping from the current range could bring new trading signals.
XAU/USD Forecast!
Gold could resume its sell-off if it stays under the flag's resistance and if it makes a new lower low, if it drops and closes below 1,830.
Staying above the uptrend line and making a valid breakout above the 1,844 could bring new long opportunities.
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