Gold has increased as much as 1,797 level where it has found strong resistance. Now is trading in the red at 1,783 and it seems heavy in the short term.

The yellow metal could decline if the USD resumes its rebound and appreciation versus its rivals. Some good US data reported later today could boost the USD and could force the price of gold to decrease.

XAU/USD Seems Exhausted!

analytics608277c4971ee.jpg

Gold failed to reach the 1,800 psychological level or the R1 (1,799) level signaling the buyers exhaustion. Now it has dropped below the ascending pitchfork’s median line (ML).

Stabilizing below the median line (ml) may bring a short term sell-off. XAU/USD could come down to test and retest the weekly pivot of 1,761 or the 1,755 before resuming its swing higher.

You should be careful today because poor US economic figures should lift Gold which could reach new highs after the current decline.

Forecast!

Sell Gold in the short term if the rate drops and closes below 1,777.47 immediate low and use the pivot point (1,761.40) as the first downside target.

Buy Gold if the rate comes back above the median line (ml) and after registering a valid breakout above the 1,800 psychological level.

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.