Gold is traded back below the 1,900 psychological level after failing to stabilize above 1912.78 static resistance. The bias remains bullish despite the current drop as the yellow metal stands above strong support levels.
The price has plunged in the short term also because the US ISM Manufacturing PMI has reported better than expected data. Furthermore, USD’s appreciation helped the sellers to push XAU/USD down.
Gold H1 Chart Technical Analysis!
The pressure remains high on Gold in the short term as long as it stays under 1,900 psychological level. Also, the rate is trapped below the descending pitchfork’s 50% Fibonacci line.
The 1892.44 and the sliding line (sl1) represent strong support levels. Now is pressuring the weekly pivot point (1896.30). Technically, I believe that only a valid breakout above the upside 50% Fibonacci line and a new higher high could announce an upwards movement.
Conclusion!
The price moves somehow sideways in the short term. Staying above the weekly pivot and making a valid breakout above 50% and through the immediate highs could bring strong growth.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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