#OPINIONLEADER# #XAU/USD# #GOLDTODAY# #forextrading#
The price of Gold broke below the 1810 support level during the US session on Tuesday, reaching 1794 low. Gold reached 1830 supply zone as the NFP data was released on Friday, but failed to break the supply zone. Sellers stepped in as the market opened for the week, and erased all Friday's movement during the early trading hours on Tuesday.
Gold is set to resume a new downtrend as the US dollar strengthens. As seen on the 4H chart below, the price of Gold has broken the 1810 support level. It's now testing the 1790 support area. Price is currently going sideways as it hits the 1790 support level. A break to the upside will see the price rally back to the 1810 level, which can now be used as a resistance level. But, if the price fails to rally back to 1810 and continues to range at the 1790 support, a break below the range will see the price of Gold go back to 1755 or below.
I am anticipating a short rally back to 1810 before taking an entry on this pair.
Kindly let me know your thoughts on this pair in the comment section.
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