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Gold rebounded in the short after yesterday's sell-off. Now, it was traded at 1,636 far above 1,621 yesterday's low. Technically, the bias remains bearish, so the current rebound could be temporary.
Fundamentally, the US reported poor data earlier. Durable Goods Orders reported a 0.2% drop versus a 0.1% growth expected, while Core Durable Goods Orders registered only a 0.2% growth versus the 0.3% growth forecasted. In addition, the HPI and the S&P/CS Composite-20 HPI came in worse than expected as well.
Later, the US CB Consumer Confidence is expected at 104.0 points while the New Home Sales could drop to 500K from 511K. These figures could be decisive, poor data could help the XAU/USD to resume its rebound.
XAU/USD found support on the channel's downside line and now it has come back to test and retest the 1,641 and the downtrend line which represents upside obstacles. You knew from my previous analysis that only a valid breakdown below 1,626 may activate more declines.
Still, the bias remains bearish as long as it stays under the downtrend line. The price retested this obstacle and it has closed far below it signaling strong pressure. 1,641 stands as a static resistance.
Testing and retesting the downtrend line, registering only false breakouts may signal a new sell-off. Dropping and stabilizing under 1,626, a new lower low activates a deeper drop and brings new short opportunities. The weekly S2 (1,608) and the channel's downside line represent downside targets.
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