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The price of gold plunged after failing to take out the 1,853 - 1,858 resistance area. It has registered only a temporary rebound and now is back in the sellers' territory. It's trading at 1,825 at the time of writing. In the short term, it rebounded as the Dollar Index retreated after reaching 104.92.
Fundamentally, the US Prelim UoM Consumer Sentiment could bring some action on Gold as well. The economic indicator is expected at 64.1 points below 65.2 in the previous reporting period.
As you can see on the h4 chart, XAU/USD dropped as much as 1,810 where it has found support. 1,831 and the descending pitchfork represents upside obstacles. As long as it stays under these levels, Gold could register a new sell-off.
Testing and retesting these near-term resistance levels, registering only false breakouts could bring new selling opportunities. Only a valid breakout could signal further growth in the short term.
Technically, we have a confluence area at the intersection between 1,831 and the upper median line (uml). A false breakout through this confluence could signal a new sell-off. This scenario could bring new selling signals.
On the other hand, a valid breakout through this confluence could signal further growth towards 1,853.
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