The Gold price has decreased again today and has resumed the yesterday’s bearish candle, has reached new lows today and looks determined to hit fresh new lows if the USDX will make new lows these days. The USDX has managed to climb above the yesterday’s high from 97.87 level and was almost to reach the 98.00 psychological level, but was stopped at the 97.98 level, however the rate maintains a bullish perspective on the short term as long as will stay above the 97.58 static support (resistance has turned into support).

The Gold has decreased somehow surprisingly today, even if the USD has lost significant ground versus the Aussie and versus the Kiwi, has  fallen significantly also versus the Loonie, remains to see what will happen tomorrow and how will react after the US elections, the Gold could increase sharply if Trump will win the race.

The USDX has increased in the afternoon, even if the United States JOLTS Job Openings have increased from 5.45M to 5.49M, but has come much below the 5.67M forecast, the gold bears are in full control again and have driven the rate below the 1275 psychological level.

The rate has dropped sharply after the yesterday’s gap down, has managed to fall again below the 38.2% retracement level and could approach the 50% Fibonacci line (ascending dotted line) again, where he may find support again. The rate is somehow expected to drop further because the rate has failed to stabilize again above the median line (ML) of the ascending pitchfork, has found strong resistance at the 1303 level, signalling that we could have another leg lower in the coming period, the rate is located below the descending 50% Fionacci line (descending blue line), we could have a selling opportunity if the price will retest this level and will stay below, the rate could try to approach again the median line (ml) of the descending pitchfork, could be attracted by the confluence area formed at the intersection of the median line (ml) with the lower median line (LML) of the ascending pitchfork.