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The price of gold is trading in the green at the time of writing on the H4 chart but this could be only a temporary rebound as the selling pressure is high. XAU/USD has reached an important downside target, so the rebound is natural.
Gold could register a temporary rebound if the USD continues to depreciate versus its rivals. The greenback has continued to drop as the US CB Consumer Confidence has decreased to 96.1, below the 97.7 estimates.
Today the volatility could be high as the economic calendar is full of US high and medium impact data. So, you should be ready for high action on gold as well.
Gold has continued to decrease as expected and now it has found temporary support at the $1,800 psychological level. I said yesterday that a drop under the lower median line (LML) of the descending pitchfork would drive the price at least till the $1,800 level.
The price is located in a strong support area represented by the $1,800, the S3 ($1,803), and by the first warning line (wl1) of the former black ascending pitchfork. So, a bearish closure under the 1,800 suggests that the downside movement should continue. This scenario could help us to catch the downside movement.
The price could try to recover a little after the most recent sell-off. The bias will remain bearish as long as the price stays under the $1,848 resistance (support has turned into resistance).
It could retest the near-term resistance levels, obstacles, before dropping deeper. A bearish closure under the $1,800 level will offer a selling opportunity with a downside target at $1,744.
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