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The price of Gold drops like a rock in the short term as the USD tries to appreciate again after its massive drop. The yellow metal was traded at the 1,838 level at the time of writing. After its amazing rally, a temporary decline is natural.
In the short term, XAU/USD rallied only because the USD depreciated. USD's rally could push the yellow metal down again. Fundamentally, the US data came in worse than expected yesterday which was good for Gold.
XAU/USD jumped above the major downtrend line but it failed to close above 1,849 yesterday high signalling that the buyers are exhausted. Now, it could come back down to test and retest the downtrend line, the 1,831 key support, and the uptrend line which represents downside obstacles.
Testing and retesting these downside obstacles, registering only false breakdowns may signal that XAU/USD remains bullish and it could develop a new leg higher. Technically, we have a strong confluence area at the intersection between the mentioned downside obstacles.
A valid breakdown below 1,831 and through the uptrend line may signal a new sell-off and it could bring new selling opportunities.
Staying above the support levels, registering only false breakdowns through these levels and through the confluence area could announce a new bullish momentum.
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