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XAU/USD is trading at $1,986 level and it seems very heavy in the short term. It has dropped like a rock in the last hours violating strong downside obstacles. The gold price is into a corrective phase right now, the current retreat was somehow expected after the impressive rally.
The USD's temporary rebound has brought sellers on the yellow metal. However, it's hard to believe that we may have a major drop, a false breakdown below the near-term support levels will confirm the end of this retreat.
The failure to retest the 350% Fibonacci line has signaled strong sellers in the short term. The price has accelerated its drop after closing below the Pivot Point ($2,023) level and below the second warning line (WL2).
Gold is trading below the 250% Fibonacci line, the near-term support levels are seen at the S1 ($1,972) and at the second warning line (WL1). The yellow metal has slipped below $2,000 psychological level, but a strong increase till the end of the day could invalidate the breakdown.
You can sell during a consolidation below $2,000 level, or several retests, false breakouts with great separation above this level. The next downside targets are seen at S1 ($1,972) and at the first warning line (WL1). A valid breakdown below these levels will confirm a broader drop.
A false breakdown below the $2,000 level and consolidation above this level could bring another long opportunity.
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