Gold fresh bullish pattern above 1,767 support [Video]

XAU/USD rallied in the short term after escaping from a minor flag pattern. The rate retreated a little after reaching the 1,780 key resistance but the bias remains bullish on lower time frames. The price of gold was traded at 1,776 at the time of writing far above today’s low of 1,768. Gold is still bullish even if the US ISM Manufacturing PMI came in better than expected yesterday and after the RBA. The Cash Rate was increased from 1.35% to 1.85% as expected. Later, the US JOLTS Job Openings could shake the markets as the indicator is expected to drop from 11.25M to 10.99M.

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Technically, the XAU/USD dropped but it has failed to reach and retest the immediate uptrend line and now it has escaped from the flag pattern which represents an upside continuation pattern. The 1,780 stands as a static resistance. A valid breakout through this level could activate further growth and could bring new long opportunities. The bias remains bullish as long as Gold is traded above the uptrend line. 


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