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The price of gold dropped after its strong growth and now it stands right above the 1,749 key support. It's trading at 1,751 at the time of writing and it seems undecided after making a new low of 1,749 today.
The yellow metal dropped as the Dollar Index managed to rebound boosting the greenback. As you already know, fundamentally, XAU/USD printed a strong swing higher after the US manufacturing sector dropped into contraction as well. Also, the FED could deliver only a 50 bps rate hike in December after the US reported lower inflation.
Technically, XAU/USD rallied after escaping from the down-channel pattern. It has climbed as much as 1,761 where it has found resistance. It has failed to confirm its breakout above 1,758 and now it challenges the 1,749 key downside obstacle.
It's trapped between 1,758 and 1,749 levels. After its false breakout, the rate signaled strong downside pressure.
A valid breakdown below 1,749, a new lower low activates more declines. This scenario brings new short opportunities. The weekly S1 (1,736) stands as a downside obstacle and target.
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