The XAU/USD is bearish if it stays within the down-channel pattern. Taking out the 61.8% activates more declines. The US data should move the rate later today. The gold price dropped as low as $1,817 yesterday, where it found demand again. Now, it’s trading at $1,825 and is fighting hard to rebound. –Are you interested in learning more about STP brokers? Check our detailed guide- Still, the downside pressure remains high as the USD remains bullish. Fundamentally, the yellow metal tried to come back higher after the US Prelim GDP reported only a 2.7% growth versus the 2.9% growth expected compared to the 2.9% growth in the previous reporting period. Still, the Prelim GDP Price Index and Unemployment Claims came in better than expected. Today, gold reacted little after the BoJ Gov-Designated Ueda Spoke. Though, the US data could bring some action later today. The Core PCE Price Index is expected to report 0.4% growth. Revised UoM Consumer Sentiment could remain steady at 66.4 points, while New Home Sales are expected at 620K above 616K in the previous reporting period. In addition, Personal Income may report a 1.0% growth, while Personal Spending is expected to register a 1.4% growth. Positive US economic data should boost the USD. This scenario forces the XAU/USD to drop again. Get FREE Forex Signals Now! Gold price technical analysis: Down channel Technically, the XAU/USD found support on the weekly S1 at $1,817 and on the $1,818 former low. It has tried to rebound, but the downside pressure remains high. The downtrend line stands as a dynamic resistance. Failing to approach and reach it signals strong sellers and indicates more declines. The 61.8% (1,816) represents a major downside target and obstacle. –Are you interested in learning more about making money with forex? Check our detailed guide- Staying above it, the price of gold could develop a larger rebound. Still, a valid breakdown below activates a downside reversal and brings new short opportunities. The channel’s downside line could be used as a downside target if the rate continues to drop. Only staying above the 61.8% retracement level and making a valid breakout through the downtrend line may announce a new swing higher. 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 Price Analysis: Bulls Optimistic Above 1.2000 Saqib Iqbal 1 month The XAU/USD is bearish if it stays within the down-channel pattern. Taking out the 61.8% activates more declines. The US data should move the rate later today. The gold price dropped as low as $1,817 yesterday, where it found demand again. Now, it’s trading at $1,825 and is fighting hard to rebound. -Are you interested in learning more about STP brokers? Check our detailed guide- Still, the downside pressure remains high as the USD remains bullish. Fundamentally, the yellow metal tried to come back higher after the US Prelim GDP reported only a 2.7% growth versus the 2.9% growth expected… 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.