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28.03.2023 03:13 PM
Gold: distribution pattern in play

Gold changed little today and now is trading at 1,957 at the time of writing. After its massive drop, the rate tries to rebound and recover. Still, the downside pressure remains high, so a further drop is natural. The current sideways movement or a potential rebound could bring us new shorts.

Today, the US CB Consumer Confidence should be decisive. It is expected at 101.0 points below 102.9 points in the previous reporting period. Poor US data could lift XAU/USD, while positive data could send the yellow metal down.

XAU/USD Fighting Hard To Rebound!

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As you can see on the H1 chart, the rate registered only false breakouts above 1,998. The 1,966 former low stands as static resistance, while the descending pitchfork's upper median line (uml) represents a dynamic resistance.

On the other hand, the 1,944 yesterday's low represents static support. After dropping below the uptrend line, XAU/USD signaled a new leg down. Still, in the short term, the rate could reach and retest the immediate resistance levels before going down.

XAU/USD Forecast!

False breakouts above 1,966 or through the upper median line (uml) could announce that the rebound could be over. This could be seen as the first short opportunity. In addition, a new lower low, a bearish closure below 1,944 validates a larger drop and represents a selling signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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