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The price of Gold dropped and erased today's gains. It has climbed as much as 1785.16 today where it has found resistance. At the moment of writing, it was trading at 1,770.09 level below two major support levels.
Still, the price needs to confirm a deeper drop before we can go short. Surprisingly or not, XAU/USD is bearish even if the United States data have come in worse than expected. The Building Permits were reported at 1.59M far below 1.67M expected, while the Housing Starts dropped from 1.58M to 1.56M.
Personally, I'm expecting some volatility tomorrow around the UK and the Canadian inflation data release.
As you already know from my analyses, Gold is trapped within an up channel between the Ascending Pitchfork's lower median line and the inside sliding line (sl). Today's failure to stay above the weekly pivot point of 1,772.87 or to approach and reach the weekly R1 (1795.23) signaled strong sellers.
Now it's located below the weekly pivot and under the Ascending Pitchfork's lower median line (lml). Validating its breakout below the lower median line (lml) could activate more declines.
We'll have to wait to see how the price reacts here. As you can see, XAU/USD dropped below the lower median line in yesterday's session as well.
A false break below the pivot point (1,772.87) and under the lower median line (lml) could bring a new swing higher. Unfortunately, the pressure is high, so the price action signaled exhausted bulls.
Stabilizing below the lower median line (lml) could announce a potential drop towards 1,750.74 static support. Gold could confirm a strong upwards movement only after making a new higher high, after jumping and closing above 1,785.16.
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