Gold is trading at $1,833 and it could drop deeper again in the short-term after the most recent rebound. the potential rally of the US dollar index could force the yellow metal to decline. Actually, XAU/USD is somehow expected to drop after making a new low and after decreasing under the $1,848 critical support.

Gold is trading in the red at the time of writing and it is trying to erase the latest gains, a major bearish engulfing could suggest selling.

XAU/USD Sell-Off!

analytics5fcdf120cecdb.jpg

XAU/USD almost reached and test the $1,848 static resistance, former support. Its failure to hit this level signals strong sellers. I’ve told you in my previous analyses that bearish bias remains intact as long Gold is trading below the $1,848 level and under the median line (ML) of the descending pitchfork.

The $1,800 level and the lower median line (LML) represent the near-term targets, support levels. If it tumbles under these levels, bears could take the upper hand. The bearish scenario could be invalidated by a broader corrective phase.

  • GOLD Trading Conclusion

Personally, I believe that the rate is located within a neutral zone, a drop below the $1,800 level will bring a selling opportunity, while a breakout through the $1,862 level represents a bullish signal.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.