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Gold back at support

Gold plunged in the short term after reaching a resistance area. It's located at the 1,767 level far below 1,800.64 yesterday's high. The rate dropped by 1.99% from yesterday's high to 1,764.86 today's low.

XAU/USD dropped because the Dollar Index continues to stay high. Actually, DXY tries to rebound after registering a massive drop. Still, you should know that gold is still above a strong support level. This could still be only a temporary decline.

After better-than-expected US retail sales data, gold's drop is natural. DXY's rally could force XAU/USD sellers to drag the yellow metal down.

XAU/USD turned to the downside

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Gold plunged after reaching the weekly R2 (1,796.94) and the channel's upside line. Now it stands right above the Ascending Pitchfork's lower median line (lml) which stands as a dynamic support.

A bullish pattern printed on the lower median line (lml) could signal new bullish momentum. 1,761.50 weekly pivot is seen as strong static support. Technically, after such a massive drop, the bulls may step in and push the rate higher again.

XAU/USD outlook

A false break with great separation or a major bullish engulfing here on the lower median line (lml) could announce a new leg higher. It could still jump higher as long as it stays within the Ascending Pitchfork's body, within the up-channel between the lower median line and the inside sliding line. Technically, after such a strong sell-off, XAU/USD could try to rebound.

Making a valid break below the lower median line (lml) may signal a deeper drop.

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