The XAU/USD pair has been on the rise after the US Personal Consumption Expenditure (PCE) data missed expectations. The pair is now trading near a triangle pattern completion, which could lead to a further upside move.
The US PCE data, which is a measure of inflation, came in at 0.3% for the month of April, missing expectations of 0.4%. This has caused the US dollar to weaken, which has been beneficial for the XAU/USD pair.
The XAU/USD pair has been trading in a triangle pattern since the beginning of April. The pair has been consolidating in a tight range, with the upper and lower boundaries of the triangle providing support and resistance.
The triangle pattern is now close to completion, with the pair trading near the apex of the triangle. If the pair breaks out of the triangle, it could lead to a further upside move.
The XAU/USD pair is also benefiting from the recent rally in gold prices. Gold prices have been on the rise due to a weaker US dollar and increased demand for safe-haven assets.
The XAU/USD pair is likely to remain supported in the near-term, as long as the US dollar remains weak and gold prices continue to rise. However, if the US dollar strengthens or gold prices fall, the pair could come under pressure.
Overall, the XAU/USD pair is likely to remain supported in the near-term, as long as the US dollar remains weak and gold prices continue to rise. The triangle pattern near completion could lead to a further upside move in the pair.