Gold is trading lower at 1,758 and it could hit the black dynamic support soon. I’ve told you in a former analysis that XAU/USD could decrease significantly if it falls back below the 1,800 psychological level.

Unfortunately, the price of gold failed to reach the downtrend line signaling strong sellers in the short term. Only a breakout through the downtrend line would have signaled a larger growth.

Now, it has fallen below the former peak low activating a deeper drop. The downside outlook remains intact as long as the rate stays below the downtrend line. Dropping below the dynamic support, the black sloping line could represent a new selling signal.

Trading Conclusion!

Dropping below 1,765 former low represents a selling opportunity. Breaking below the black line could signal a deeper drop towards 1,700.

The material has been provided by InstaForex Company –

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.