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The price of gold plunged in the short term after failing to approach and reach the 1,844 key level. It has climbed as much as 1,841 where it has found strong resistance. It was traded at 1,824 at the time of writing. Technically, the rate reached a major support zone, so XAU/USD could try to rebound again.
The yellow metal dropped even if the Dollar Index plunged. Probably, XAU/USD will continue to move sideways. Fundamentally, the US data came in better than expected, so Gold is somehow expected to slip lower. Tomorrow, the US is to release the CB Consumer Confidence indicator which is seen as a high-impact event and is expected at 100.0 below 106.4 in the previous reporting period. This could bring high volatility and sharp movements.
You already know from my previous analyses that XAU/USD is trapped between 1,823 and 1,844. After failing to stabilize below 1,823 in the last attempt, Gold signaled a potential rebound.
Still, its failure to approach and retest the 1,844 key resistance signalings exhausted buyers and a potential sell-off. Now, it challenges 1,823 again, so it remains to see how it will react after its current drop.
After its strong drop, we cannot exclude a new bullish momentum from around the 1,823 static support.
1,820 today's low represents critical static support. Dropping and closing below this obstacle could activate further drop and could bring fresh selling opportunities with a first downside target at the 1,816 former low.
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