Today’s free forex signals service pair is a sell order on XAU/USD.
The price of gold dropped again as the Dollar Index has invalidated further growth, so forex day traders would do well to sell at this point.
XAU/USD remains under pressure, a new lower low could activate a deeper drop. DXY’s further growth helped Gold sellers to take full control in the short term.
XAU/USD plunged yesterday ahead of the FED Chair Powell, BOJ Gov Kuroda, BOE Gov Bailey, and ECB President Lagarde speeches.
Later, the US data and the Fed Chair Powell testify along with Janet Yellen, US Treasury Secretary, about the Coronavirus before the Committee on Financial Services could bring sharp movements.
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US Final GDP expected at 6.6%
XAU/USD could react after the US publishes its Final GDP. The economic indicator is expected to register a 6.6% growth.
Moreover, the Unemployment Claims are expected to drop from 351K to 333K in the last week, while the Chicago PMI may fall from 66.8 points to 64.9 points. Better than expected US figures could punish the price of Gold.
The price of gold dropped as much as 1721.71 in yesterday’s session registering a new lower low. In the short term, it has rebounded but it has failed to stabilize above the S1 (1729.82) static resistance.
Now it could come back to test and retest the S1 level before dropping deeper. A new lower low, a bearish closure below 1721.71 could activate more declines.
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Free forex signals – sell gold at 1718.71
Free forex signals entry price and take profit
Instrument: GOLD (XAU/USD)
My Opinion / Order Type: SELL STOP
Entry price: 1718.71
Stop Loss: 1736.10
TP1: 1687.39
My Risk: 1%
Risk / Reward Ratio: 1:1.8
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