Precious metals pulled back yesterday as the US dollar strengthened. Gold jumped following the release of US data but buyers were unable to push the price above the resistance zone at $1,845 and bears took over. Gold dropped over 1% on Wednesday.
Taking a look at the technical situation on GOLD at H1 interval, we can see that downward move has reached a key support zone that was tested on Tuesday as well. In case the price zone at $1,817 holds, an upward impulse may be launched. On the other hand, breaking below this area could pave the way for a deeper decline towards the next support - $1,798.
Source: xStation5
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