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Gold has slipped lower for the short term after the failure to reach the near-term upside obstacles. It is trading near the $1,727 critical support, a valid breakdown below this downside obstacle will suggest selling because most likely the yellow metal will register a broader drop.
The gold price could drop further if the USD resumes its growth versus the other major currencies. The dollar index has managed to rebound and recover after the minor drop, the latest US data have lifted the dollar. Gold remains bullish, despite the current drop, a major correction phase will be validated only by a potential drop below the $1,666 level.
Gold price is trapped within a down channel, between the inside sliding lines (sl, sl1) of the minor descending pitchfork. Now, it is pressuring the $1,727 static support, a stabilization below this level will signal a further drop towards the inside sliding line (sl) and towards the weekly S1 ($1,713) level.
The price has come back to test the weekly PP ($1,739) level, but it wasn't strong enough to close above and resume the bullish momentum. The failure to approach and reach/retest the upside sliding line (sl) has announced some strong sellers in the short term.
Practically, the failure to reach the monthly R1 (1,767) level has shown an exhaustion, overbought, and has signaled a potential drop. The current drop is natural and temporary, an important drop could be validated by a valid breakdown below the S1 ($1,713) level and below the downside sliding line (sl1).
The gold price could move sideways in the short term, around the $1,727 level, we may have a selling opportunity if the rate makes another lower low and after a valid breakdown below the $1,713 and below the sliding line (sl1). If a further drop is confirmed, gold could target the $1,700 level, the S2 ($1,691), and the median line (ml) of the descending pitchfork in the first instance, while the monthly PP ($1,666) level and the weekly S3 ($1,665) levels could be used as targets if the price breaks through the median line (ml).
Gold could increase again if the price stays and stabilizes above the $1,727 level, the first target will be at the PP ($1,739) and at the sliding line (sl), but a long opportunity will be confirmed only after a valid breakout above the upper median line (uml) of the descending pitchfork.
A valid breakout above the upper median line (uml) will signal a potential breakout above the weekly R1 ($1,761), and above the monthly R1 ($1,767), this scenario will suggest an increase towards the $1,800 psychological level and towards the $1,848 static resistance.
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