Gold is dropping at the time of writing after reaching a new upside obstacle. Still, the decline could be only a temporary one before resuming the upwards movement.
The yellow metal drops as the USD starts to appreciate versus its rivals. XAU/USD could test and retest the immediate downside obstacles before jump higher. The US Core PPI, PPI, and the Final Wholesale Inventories could bring more volatility later today.
XAU/USD Slips Lower!
Gold is losing ground. having reached 1,755 static resistance and now is trading back below the ascending pitchfork’s median line (ml). Closing below the weekly R1 and under the daily pivot point (1,749) could signal a temporary decline towards the daily S1 (1,739).
As you already know from my analysis, the price of gold will develop a broader upwards movement if the makes a valid breakout above 1,755.
We may have a good long opportunity if the rate jumps and closes above 1,758 former high with a first upside target at 1,800.
The material has been provided by InstaForex Company – www.instaforex.com
🚀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.