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Gold is trading lower at 1,726 level after its failure to develop a strong short-term rebound. The price could drop deeper in the upcoming period if the USD appreciates versus the other major currencies.
As you already know, the US is to release the ADP Non-Farm Employment Change and the ISM Services PMI today, the Unemployment Claims and the Factory Orders tomorrow, and the NFP, Unemployment Rate, and the Average Hourly Earnings on Friday.
In line with expectations data or better will definitely push the greenback higher and the yellow metal lower in the short-term. The price of gold could bounce back only if the US data will disappoint these days.
Gold has found support at 1,707 level and now it has tried to come back higher in the short-term. The aggressive breakdown through the Pivot Point (1,755) and below the inside sliding line (SL) signaled a larger corrective phase.
The price has retested the pivot point and the sliding line (SL) confirming these levels as near-term resistance levels. So, the rate could drop further as long as it stays under these obstacles.
The downside 50% Fibonacci line represents important dynamic support. Dropping and stabilizing below it could indicate a drop below 1,700 psychological level. Technically, is hard to believe that XAU/USD will register an important increase from here before challenging the $1,700 level.
The breakdown through the inside sliding line (SL) represented a selling opportunity. The lower median line (LML) and the S2 (1.657) are seen as major downside targets if the price resumes its drop.
Dropping again below the downside 50% Fibonacci line could represent a short opportunity. XAU/USD could drop anytime as long as it stays under the sliding line (SL), descending dotted line.
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