The yellow metal is trading in the red again and resumes the yesterday’s bearish candle, is going down as the USDX has managed to force the USD to appreciate a little ahead the FOMC.
Price decreased after the failure to reach and retest the outside sliding line (SL) of the major descending pitchfork and now is pressuring the 38.2% retracement level and the warning line (Wl1). Could come even to retest the upper median line (UML) and the sliding line (ascending dotted line) before will climb much higher. Only a drop below the SL and inside the major descending pitchfork’s body will confirm a larger drop in the upcoming weeks. I believe that only the fundamental factors could force the rate to drop sharply.
