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Gold is trading a bit higher right now, trying to recover a little after yesterday's sell-off. It's trading at 1,874.69 level above 1,856.04 yesterday's low. Technically, the yellow metal could come back to test and retest the immediate resistance levels before dropping again.
The price of gold could extend its drop if the US NFP, Unemployment Rate, and the Average Hourly Earnings log better than expected data later today. The current gold rebound could end anytime as the pressure remains high.
XAU/USD is located in the seller's territory, so it could decline further. Actually, a corrective phase was somehow expected after the most recent swing higher.
Gold has found support at the S2 (1,856.18) and now it approaches the S1 (1,880) static resistance. The pressure remains high as long as it stays under this obstacle and below the median line (ml).
A failure to reach the ascending pitchfork's upper median line (uml) or to stabilize above the 1,900 signaled an overbought situation. Now, its drop below the median line (ml) could really signal a corrective phase.
Technically, the rate could increase to test and retest the median line, S1, or 1,890.14 before moving down towards 1843.
Dropping below the median line (ml) signaled that the price of gold could develop a broader decline. A correction was expected after the last strong growth. Retesting the immediate resistance levels could bring us a good selling opportunity.
A new swing higher could be signaled by a false breakdown with great separation below 1,843.40, sl, or below the lower median line (lml).
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