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XAU/USD is dropping like a rock at the time of writing. It's trading at 1,918 and it seems very heavy. The bias is bearish, so a further drop is in cards. Technically, the yellow metal ignored the near-term downside obsatcles, activating more declines.
As I've said in my previous analysis, XAU/USD drops ahead of the FOMC as the FED is expected to hike rates. The Federal Funds Rate is expected to be increased from 0.25% to 0.50% tomorrow. Today, the US PPI rose by 0.8% versus 1.0% expected, while the Core PPI increased by 0.2% versus 0.6% estimates.
XAU/USD ignored the uptrend line which represented dynamic support. Now, it's located below the 50% (1,925) retracement level. After ignoring the 1,959 - 1,965, the uptrend line, and the weekly S1 (1,941) signaled that Gold could develop a larger drop.
After its massive drop, we cannot exclude a temporary rebound. The price of gold could come back to test and retest the immediate resistance levels before dropping deeper. 1,900 psychological level stands as a potential downside target.
The price of gold could extend its sell-off after ignoring the near-term support levels. Taking out the uptrend line signaled more declines. 1,877 key level stands as a potential major downside obstacle and target. Only a temporary rebound could bring new and fresh short opportunities.
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