09.03.202310:48 Forex Analysis & Reviews: Gold: distribution pattern, 1,811 as key support

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The price of Gold is located at 1,815 at the time of writing. It seems undecided in the short term as the Dollar Index is moving sideways in the short term as well. The bias remains bearish despite temporary rebounds, so XAU/USD could extend its downside movement.

The yellow metal rebounded yesterday, it has climbed as much as 1,824 where it has found resistance again. Fundamentally, it has turned to the downside after the BOC policy meeting and after Fed Chair Powell's Testimony.

Today, only the US Unemployment Claims could have an impact. XAU/USD could change little in the short term as the traders could wait for BOJ and for the US NFP before taking action again. Positive US data tomorrow could force the yellow metal to drop again.

XAU/USD Bearish Formation Violated!

Technically, Gold maintains a bearish bias as long as it stays below the median line (ml) and under the weekly S1 (1,821). Now, it tries to come back higher after failing to make a new lower low.

The 1,811 low represents a downside obstacle. Still, the downside continuation could be invalidated only after making a new higher high, after jumping and closing above 1,823.

XAU/USD Forecast!

A new lower low and bearish closure below 1,811 activates more declines and represents a new selling setup.

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