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Gold is into a corrective phase in the short term, technically, it is somehow expected to drop further after the valid breakdown below an important support zone. It is traded at $1,707 level and most likely will pressure the $1,700 psychological level soon. Still, the outlook is bullish, despite the current drop, personally, I believe that only a valid breakdown below the $1,666 level will confirm a broader drop.
Surprisingly or not, the yellow metal has decreased lately even if the USD has depreciated versus its rivals. The gold drop is caused by the global economy restart and recovery, even if the COVID-19 crisis is still active.
I've said in the previous analysis that the gold price could decrease further in the short term if it will make a valid breakdown, close and stabilize (test/retest), below the $1,727 level. The scenario has taken shape, the price has made a valid breakdown below the $1,727 level and now has confirmed the breakdown below the S1 ($1,713) level and below the inside sliding parallel line (sl1) of the descending pitchfork.
Gold has retested the broken S1 ($1,713) and the sliding line (sl1), the major bearish candle has signaled a further drop. The next downside targets are seen at the S2 ($1,691) level and at the median line (ml) of the descending pitchfork.
The price is expected to approach and reach the median line (ml) after the failure to reach and retest the upper median line (uml). You should know that the median line acts as a magnet and attracts the price.
A valid breakdown below the S2 and below the median line (ML) will suggest a drop towards the PP ($1,666) and towards the S3 ($1,665) level. The lower median line (lml) of the descending pitchfork could be used as a target as well if the price will drop and stabilize below the median line (ml).
You should be careful because any false breakdown with great separation, a pin bar or a bullish engulfing, below a near-term support level will signal another bullish momentum, will bring another long opportunity. Gold could increase anytime again if the US and China tensions will escalate, or if the COVID-19 pandemic will reach another peak.
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