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The price of gold rebounded today as the Dollar Index crashed. You already know from my analysis that we have a negative correlation between these two. Technically, the yellow metal could come back to test and retest the immediate resistance levels.
The bias is bearish despite temporary rebounds. The current bounce back could bring new short opportunities. The XAU/USD could end its rebound soon as Pending Home Sales came in better than expected. The indicator reported an 8.1% growth versus 0.9% growth expected. As you already know, Core Durable Goods Orders came in better than expected as well.
Tomorrow, the US CB Consumer Confidence and Canadian GDP will represent high-impact events. Still, the Eurozone and Japanese data could have an impact as well.
From the technical point of view, XAU/USD signaled oversold signs, and now it has rebounded. The 1,806 low represents critical support. On the other hand, the weekly pivot point of 1,822 and the downtrend line represent upside obstacles.
The rebound could be only temporary. Technically, the rate could move sideways in the short term, signaling a distribution pattern.
Testing and retesting the pivot points of 1,822 and 1,827, as well as the downtrend line could bring new selling opportunities. The bias is bearish as long as it stays below the downtrend line. Failing to reach the resistance levels may announce strong sellers. A new lower low, a bearish closure below 1,806 activates more declines and is seen as a selling opportunity as well.
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