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The price of gold turned to the downside and now is trading at 1,943 at the time of writing and it seems very heavy. After its amazing rally, a short term corrective phase was natural. The rate could come back to test and retest the immediate downside obstacles before developing a new leg higher.
Gold climbed as much as 2,009 on Monday registering a new high. Its failure to stay above the 2,000 psychological level signaled exhausted buyers. Fundamentally, Canada reported mixed inflation figures today. Tomorrow, the UK inflation data should bring some action as well. Still, the most important event of the week is represented by the FOMC. The FED should deliver a 25 bps hike again.
XAU/USD crashed in the short term and developed a down channel. As long as it stays under the channel's resistance (downtrend line), the yellow metal could approach and reach new lows.
After ignoring the 1,959 downside obstacle, the 1,937 level represents the next downside target. The ascending pitchfork's upper median line (uml) represents dynamic support.
Testing and retesting the support levels, registering only false breakdowns may announce that the sell-off could be over and that the buyers could take the lead again. This could represent the first buying opportunity.
Also, consolidation above 1,937 and making a valid breakout through the downtrend line and above 1,959 is seen as a buying signal as well.
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