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The price of gold plunged in the short term and now is trading at 1,943 at the time of writing. It has dropped by 1.99% from today's high of 1,982 to 1,942 today's low. XAU/USD erased its latest gains as the USD rallied.
Today, the ECB increased the Main Refinancing Rate by 25 bps as expected. Still, the US data was decisive. The Advance GDP, Unemployment Claims, Durable Goods Orders, Core Durable Goods Orders, Goods Trade Balance, and Prelim Wholesale Inventories came in better than expected, that's why the USD rallied while the XAU/USD crashed. Tomorrow, the BOJ and the US data should have a big impact as well.
Technically, XAU/USD tested and retested the broken uptrend line, failing to stay above it. Escaping from the major up channel signaled a potential downside movement. In the short term, it developed a minor flag which represented a bearish formation.
Now, it challenges the former low of 1,945 which stands as a downside obstacle and the weekly S1 (1,942).
A valid breakdown below the S1 of 1,942, a new lower low opens the door for a larger drop. This could be seen as a new selling opportunity. The weekly S2 of 1,923 is seen as a potential downside target. Also, a potential rebound towards the weekly pivot point of 1,965 could bring new selling opportunities.
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