Gold stands at 1,743 level after registering sharp movements on Friday. The price has reached a strong resistance area, so the sell-off was somehow expected.
Now is fighting hard to stay higher, the next few days could be crucial. It has erased some of Friday’s losses but the rate is still vulnerable. The yellow metal could decline further if the US Dollar Index increases after its corrective phase.
As you can see on the h4 chart, XAUUSD has found resistance at 1,755 static upside obstacle. Now is traded below the weekly R1 and under the daily pivot point (1,749).
Its failure to stabilize above the ascending pitchfork’s median line (ml) signaled that the buyers are exhausted. The 1,735 and the inside sliding line are seen as critical support levels. Dropping and stabilizing under these levels may bring a short opportunity.
Gold it’s trapped between 1,755 and 1,676 levels, within a range. A valid breakout from this pattern should bring a great trading opportunity.
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