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Gold is trading higher at $1,746 level versus $1,716 Friday's low. The price rebounded in the short-term trying to test and retest the near-term resistance levels before dropping deeper. The yellow metal plunged due to the USD rally, so a USDX's further growth could force the price of gold to decline.
The current week comes with high-impact US data. Positive and good numbers could help the USD to resume its appreciation and may bring more sellers on the yellow metal.
Gold has finally registered a valid breakdown from the Falling Wedge pattern signaling a larger corrective phase. The price has come back to retest the Pivot Point ($1,755) and the broken downside line.
It has registered only a false breakout above the PP signaling a potential bearish momentum. Stabilizing below the downside line could lead to a new sell-off in the end.
The current rebound could help us to sell Gold again if the rate stays below the downside line. So, false breakouts or a major bearish engulfing brings a short opportunity. The $1,700 level and the S1 (1,694) are seen as the next downside targets.
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