29.06.202217:28 Forex Analysis & Reviews: Gold: deeper drop still possible

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The price of gold plunged in the last two hours as the USD has appreciated versus its rivals. As you already know from my analyses, the XAU/USD could drop when the USD grows, and it could jump higher when the greenback depreciates. This is not a perfect correlation but it could be used in trading.

XAU/USD was trading at 1,815 at the time of writing and it seems determined to approach and reach new lows. Today, the US data came in mixed again but Powell's remarks boosted the USD and forced the yellow metal to come back down and invalidate a potential larger rebound. As you already know, the FED is expected to hike the Federal Funds Rate by 75bps in the next meeting again.

XAU/USD Triangle Breakout!

As you can see on the H1 chart, XAU/USD rallied after registering only a false breakdown below the 1,816 and below the weekly S1 (1,813). Still, the upside momentum was stopped by the weekly pivot point of 1,830 and now it has dropped into the sellers' territory again.

It challenges the 1,816 static support, the next downside obstacle is represented by the S1. Its massive drop indicates strong sellers and a potential downside continuation after failing to stay within the triangle's body and invalidate the breakdown.

Gold Outlook!

A new lower low, a valid breakdown below the S1 (1,813), and below today's low of 1,812 could activate more declines at least towards the 1,805 key downside obstacle. This scenario could bring potential selling opportunities.

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