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The price of Gold is trading at 1,867 at the time of writing above Friday's low of 1,867. The downside pressure remains strong, more declines are in the cards. Technically, the price action developed a potentially bearish pattern in the short term.
As you already know, the NFP, ISM Services PMI, and the Unemployment Rate data boosted the greenback on Friday and forced XAU/USD to approach and reach new lows. Tomorrow morning, the yellow metal could react around the RBA. The Cash Rate is expected to be increased from 3.10% to 3.35%. This event could really shake the price and could bring strong moves in the short term.
Technically, the bias is bearish as long as it stays under the median line (ml) of the descending pitchfork. Now, it's trapped between the 1,881 and 1,861 levels. Escaping from this pattern could bring us new trading opportunities.
It challenges the 38.2% Fibonacci level (1,871) and the 1,867 downside obstacles. 1,861 represent a downside obstacle as well.
Staying below the median line (ml) and making a bearish closure below 1,861 validates a further drop and represents a bearish signal. The 50% (1,842) retracement level and the lower median line (lml) potential targets.
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