XAU/USD remains bearish after failing to take out the 50% retracement level. A new lower low activates a deeper drop. The FOMC Meeting Minutes should shake the markets tonight. The gold price is trading in the red at $1,833. It seems poised to drop deeper as the USD is strongly bullish in the short term. –Are you interested in learning more about STP brokers? Check our detailed guide- Fundamentally, the greenback received a helping hand from the US services and manufacturing data. When the USD appreciates, the price of gold could drop. The Flash Services PMI jumped from 46.8 points to 50.5 points confirming expansion, while Flash Manufacturing PMI came in better than expected as well. Today, the Reserve Bank of New Zealand had an impact on the yellow metal. The Official Cash rate was increased from 4.25% to 4.75% as expected. Still, the most important event of the day is represented by the FOMC Meetings Minutes. This is seen as a high-impact event and could shake the markets. The Federal Reserve is expected to continue hiking rates in the next monetary policy meetings. The US reported higher inflation in January, so we cannot exclude a 50-bps hike in March if the inflation grows in February. Dovish FOMC Minutes could lift the price of gold. Get FREE Forex Signals Now! Gold price technical analysis: Sellers in control As you can see on the hourly chart, the rate tested and retested the 50% (1,843) retracement level and the weekly pivot point of $1,844 and now it has turned to the downside. These represented strong static resistance levels. –Are you interested in learning more about making money with forex? Check our detailed guide- Now, it has retested the 150% Fibonacci line of the ascending pitchfork confirming its breakdown. A new lower low activates more declines. As long as it stays under the 50% retracement level, the XAU/USD could approach and reach the 61.8% (1,816) retracement level. A valid breakdown below it activates a larger drop, a potential downside reversal. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Commodities share Read Next GBP/USD Forecast: Pound Declines After Hawkish Fed Minutes Saqib Iqbal 3 weeks XAU/USD remains bearish after failing to take out the 50% retracement level. A new lower low activates a deeper drop. The FOMC Meeting Minutes should shake the markets tonight. The gold price is trading in the red at $1,833. It seems poised to drop deeper as the USD is strongly bullish in the short term. -Are you interested in learning more about STP brokers? Check our detailed guide- Fundamentally, the greenback received a helping hand from the US services and manufacturing data. When the USD appreciates, the price of gold could drop. The Flash Services PMI jumped from 46.8 points… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.