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Gold Drops As Dollar Index Rallies

Gold is trading in the red on the H4 chart and is challenging critical support levels. Today, it has registered a false breakdown through the immediate levels, but the selling pressure remains high.

Dropping below the critical downside levels could rally announce a strong sell-off. DXY's (Dollar Index) further growth could force the price of gold to drop deeper. The US data has come in mixed earlier.

The Flash Manufacturing PMI increased from 62.1 to 63.1, while the Flash Services PMI dropped from 64.6 to 59.6.

XAU/USD Breakdown?

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Gold continues to pressure the ascending pitchfork's lower median line (lml). Staying above this dynamic support could bring is a new leg higher. Technically, only dropping below 1,789.69 today's low could really announce a larger decline.

The yellow metal hovers above a strong demand zone, support area. You can see that the price failed to stabilize under the 50% Fibonacci line in several attempts. Personally, I believe that making a new higher high, to jump and close above 1,810.37 could indicate an upside continuation.

Forecast!

Sell Gold only if the price drops and closes below 1,789.69 today's low. You can use the 1,750 level as a potential downside target.

Another false breakdown through the lower median line (lml) or a major bullish engulfing could bring a new long opportunity. Also, coming back above the weekly 1,812.69 weekly pivot point could announce an upside movement.

The material has been provided by InstaForex Company - www.instaforex.com