The United States (US) consumer confidence data released yesterday seems to have displayed a positive figure of 103.3, beating the expectations of investors (100.9) and the data released previously (101.9).
Gold market prices have shown a bullish reaction after the data was released.
However, investors are still waiting for data such as unemployment claims, preliminary Gross Domestic Product (Prelim GDP q/q) and the Core PCE Price Index which is expected to have an impact on the price of gold.
Based on the daily chart on the 'H1 time-frame', the price of gold is currently in a declining state.
On the XAU/USD daily chart that measures the value against the US dollar where the price is around the 2510.00 level.
If the price wants to increase, we can wait for the 2516.00 zone for the price to test at that level.
If the price manages to break the price level of 2516.00, the next target is at the level of 2524.00 for the price to reach the resistance.
If the price wants to do a reversal, we can see the price reaction at the 2504.00 level.
The 2498.00 level will be the focus for price to test the zone if the price manages to break above the 2504.00 price.
