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Gold plunged after retesting the near-term upside obstacles. It was trading at 1,774 at the time of writing. XAU/USD dropped by 2.53% from 1,812 today's high to 1,766 daily low. The yellow metal also crashed because the Dollar Index rallied. USD's appreciation forced XAU/USD to approach and reach new lows.
Fundamentally, the price of Gold crashed as the central banks are expected to continue hiking rates. Today, the RBA increased the Cash Rate from 0.85% to 1.35% as expected. Earlier, the Factory Orders rose by 1.6% exceeding the 0.5 estimates.
XAU/USD dropped like a rock after testing and retesting the weekly pivot point of 1,811. Its failure to stay above the 1,805 key level signaled exhausted buyers and a potential downside movement.
You knew from my analyses that, XAU/USD could drop deeper after escaping from the triangle pattern. After its last massive drop, a temporary rebound was somehow expected. Also, after today's sell-off, the price of gold could try to come back to test and retest the near-term resistance levels before resuming its sell-off.
Today's valid breakdown below 1,805 signaled more declines. This was seen as a selling opportunity. Right now, it's too late to go short on Gold only because the rate could try to rebound and recover.
A temporary rebound, coming back to test and retest the 1,784 level or the S1 (1,782) could bring new selling opportunities. The weekly S1 (1,755) stands as a downside obstacle if the rate continues to drop.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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