The yellow metal rallied in the last hours and now is located at 1,913 at the time of writing. USD's temporary drop helped XAU/USD buyers to push the rate higher after reaching 1,902 today's low. Still, the downside pressure remains high, so it's premature to talk about a new swing higher.
Fundamentally, the Chinese and Australian economic figures could move the rate in the early morning tomorrow. Later in the day, the US retail sales and the Canadian inflation figures should be decisive.
XAU/USD Breakout Attempt!
XAU/USD failed to approach and reach the channel's downside line again signaling exhausted sellers. Now, it is challenging the downtrend line which represents a dynamic resistance.
Technically, the rate developed a potential Falling Wedge pattern. The 1,916 former high represents a static resistance, a key level.
XAU/USD Forecast!
A bullish closure above 1,916 activates a new leg higher and is seen as a buying opportunity.
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