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The price of gold rebounded in the short term but it seems that the buyers are exhausted already. The instrument is trading at 1,963 at the time of writing and it seems under some bearish pressure. Technically, the price action signaled a potential larger correction phase. Still, we need strong confirmation before taking action.
The yellow metal dropped a little in the short term after the US Pending Home Sales reported better-than-expected data earlier. USD's growth could push XAU/USD down in the short term. So, the greenback needs strong support from the US Final GDP and Unemployment Claims indicators tomorrow.
As you already know from my analyses, the price of gold tried to rebound and recover after its strong drop. Now, it has found resistance at the weekly pivot point of 1,974.
It's trapped between the pivot point and the 1,959 level. Escaping from this minor range could bring us new opportunities.
A bearish closure below 1,959 activates a downside movement and brings new selling opportunities. A larger drop should be activated after taking out the weekly S1 (1,938).
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