Today, our free forex signals service trade is a sell order in gold. If the USD resumes its rally after a minor correction, the price will go down.
The price of gold rebounded after its last massive drop. The price was trading at 1,825.02 at the time of writing. However, it remains sideways below the 1,831.83 key level in the short term.
Staying under this level may signal a new sell-off. Still, the yellow metal is bullish as the Dollar Index drops like a rock, forcing the USD to depreciate versus its rivals.
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The XAU/USD climbed higher as the USD was punished by the Empire State Manufacturing Index and came in at -11.6 points, far below 15.3 expected.
US Retail Sales 1.0% growth expected.
Today, the fundamentals could drive the markets. For example, the US Retail Sales indicator is expected to register a 1.0% growth in April versus 0.5% in March. Likewise, the Core Retail Sales may report a 0.4% growth in the last month versus 1.1% in the previous reporting period.
In addition, Industrial Production is expected to report a 0.4% growth, while the Capacity Utilization Rate could come in at 78.5%.
Technically, the bias remains bullish as long as it stays above the ascending pitchfork’s upper median line (UML). 1,831.83 stands as strong static resistance levels. A new lower low could activate a new sell-off.
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Free forex signals – Sell gold at 1820.40
Free forex signals entry price and take-profit
Instrument: Gold
Order Type: SELL STOP
Entry price: 1820.40
Stop Loss: 1834.81
TP1: 1791.56
My Risk: 1%
Risk / Reward Ratio: 1:2
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