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29.05.202315:31 Forex Analysis & Reviews: Gold: deeper drop possible

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The price of gold changed little in the short term. It's located at 1,946 at the time of writing. Technically, the bias remains bearish in the short term. The yellow metal could extend its downside movement anytime.

XAU/USD moved only a little today as the US, UK, and German banks are closed. On Friday, the US data came in mixed. DXY's further growth should force Gold to drop deeper. Tomorrow, the US CB Consumer Confidence is seen as the most important event and could really shake the markets.

XAU/USD Sideways Movement!

XAU/USD continues to move sideways between 1,939 and 1,952 levels in the short term. Escaping from this minor range could bring us new opportunities. Technically, the current range may represent a downside continuation formation.

The median line (ML) of the descending pitchfork and 1,939 represent critical downside obstacles.

XAU/USD Forecast!

Dropping and closing below 1,939 activates more declines. This represents a new selling opportunity.

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