The gold price turned to the upside after reaching yesterday’s low of $1,938. Now, the precious metal is trading at $1,962. It seems determined to approach new highs.–Are you interested in learning more about copy trading platforms? Check our detailed guide-USD’s depreciation helped the yellow metal to come back higher. DXY’s deeper drop should bring more buyers to the XAU/USD. Still, after yesterday’s rally, a minor retreat is natural.Fundamentally, gold’s rally is also attributed to the US ISM Services PMI, which came at 50.3 points versus 52.6 points expected and compared to 51.9 points in the previous reporting period. In addition, Factory Orders and Final Services PMI came in worse than expected.Today, the Reserve Bank of Australia unexpectedly increased the Cash Rate from 3.85% to 4.10%. The traders expected the rate to remain steady at 3.85%.Later, the Canadian Ivey PMI and Building Permits could have an impact on the USD, so the XAU/USD could react as well.Tomorrow, the RBA Gov Lowe Speaks, Australian GDP and BOC represent high-impact events. The Bank of Canada is expected to keep the BOC Rate Statement at 4.50%.Gold price technical analysis: Accumulating bullish energy
Gold Price Attracting Longs Above $1,954, Focus on Key Events
