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I said in my previous analysis (GOLD Facing Tough Resistance) that gold is facing strong resistance and it could drop in the short term again. Gold was rejected by a major dynamic resistance line and has fallen in the seller's territory. The retreat could bring another buying opportunity soon.
The price has rallied today and it tries to approach and reach the $1,600 level again, but you should know that it is under massive pressure as long as it stays below this psychological level. Gold maintains a bullish outlook, despite the current drop, it could come down only to retest some support level and to recapture more bullish energy before it resumes the major upside movement.
COVID-19 pandemic will damage the global economy, that's why the yellow metal remains an attractive buy asset in this risk aversion situation. The minor drop could be normal after the amazing rally. The USDX's rebound has sent the Gold lower, a USD further depreciation versus the major currencies will boost the gold price.
Gold has registered a sharp drop after yesterday's dap down, the breakdown below the $1,600 level and below the median line (ml) of the ascending pitchfork has signaled that the price could reach the $1,555 static support or the weekly S1 ($1,526) level.
Personally, I don't believe that we'll see a larger drop, a minor drop was somehow expected, you should know that a consolidation above the $1,555 level, above the S1 ($1,526) will bring another bullish momentum and most likely the price will take out the resistance levels represented by the $1,600, upper median line (UML - orange line) and the median line (ml) of the minor ascending pitchfork.
A further drop towards the $1,555 level and towards the weekly S1 ($1,526) level is imminent as long as it stays below the weekly Pivot Point ($1,585) level. The bias is bearish on the short term as long as Gold is traded below the upper median line (UML) of the orange descending pitchfork.
Gold will register a major correction, drop, only if the price decreases and if it makes a valid breakdown below the lower median line (lml) of the minor ascending pitchfork and below the $1,484 static support.
We may have another long opportunity if the price makes a valid breakout above the upper median line (UML), this potential breakout will send the price way above the $1,600 psychological level and above the median line (ml) of the minor ascending pitchfork and will confirm a further increase on the medium to the long term, will ignore the $1,703 previous high obstacle.
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