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Gold has slipped lower at $1,929 level as USD keeps fighting to dominate the currency market again. The risk-off sentiment prevails. This is why gold may continue to sink.
Gold is moving sideways between $2,000 and $1,900 psychological levels. The upside bias remains intact as the buyers have defended the uptrend line. USDX is struggling to continue to trade higher after Friday's drop from 93.24 high. Another jump above 93.24 would lead to the strengthening of the US dollar and a decrease in gold.
Gold approached the major black uptrend line again after retesting the broken lower median line (lml) of the ascending pitchfork. The major uptrend is safe as long as the price of gold is trading above the uptrend line and maybe above $1,900.
Personally, I believe that a drop below $1,900 psychological level will confirm a strong corrective phase in the coming weeks. It is premature to talk about such a scenario as long as the rate fails to approach and violate the immediate downside obstacles.
Sell from below $1,900 level if the rate drops and closes below it in two consecutive sessions. The S3 ($1,827) and $1,800 levels are seen as downside targets.
The outlook is bullish now. You should be careful these days because any reversal pattern or false breakdown below the near-term support levels will suggest buying as the XAU/USD should develop another leg higher.
A bullish fly above the Pivot Point ($1,947) level suggests buying with a first target at the R1 (1,978) level.
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