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Gold plunges at the time of writing as the US Dollar edges higher. USDX's further growth could signal that the yellow metal could approach and reach fresh new lows. It's traded at 1,705 level and it seems very heavy indicating strong sellers.
The price of gold rebounded in the short term as the US Dollar Index retreated a little. Still, gold's rebound was expected to be only a temporary one as the risk-on sentiment dominates the markets.
XAU/USD has found temporary support right above the S1 ($1,673) but its failure to come back above the descending pitchfork's median line (ML) signals a deeper drop. Failing to reach and retest the inside sliding line (SL) and the R1 ($1,746) could lead to a sharp sell-off.
The $1,676 former low is seen as a first downside target. The outlook remains bearish as long as the price is traded below the inside sliding line (SL). This line represented strong dynamic support in the past.
Dropping and closing below the S1 ($1,673) could activate a larger corrective phase as the rate could fall from the descending pitchfork's body.
The current aggressive drop through the Pivot Point ($1,716) represents a selling signal. $1,676 lower low could be used as the first downside target. Gold could resume its downside movement as long as it stays under the sliding line (SL).
The bearish scenario could be invalidated at a time only by a reversal pattern. A larger drop will be confirmed by a new lower low.
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