The XAUUSD fell on Monday, the technical bias remains bearish due to the lower lows in the recent downtrend.
Gold is currently trading near 1,730.460, and multiple resistance level can be seen above. These price levels may prevent the price from rising.
- Resistance Level 1: 1736.000
- Resistance Level 2: 1745.000
- Resistance Level 3: 1755.000
Multiple support levels can be found below the price, and these levels may help the price stay above that level.
- Support Level 1: 1727.000
- Support Level 2: 1721.500
- Support Level 3: 1710.000
In terms of data, since gold is priced in U.S. dollars, the rise and fall of the U.S. dollar will have an important impact on the price of gold. The United States will announce March CPI data today on the 13th of April. Higher data will be more favorable to the US dollar, it may have an adverse effect on the price of gold, and vice versa.
Given the current price trend and economic development, selling gold near the current level may be a good trading option.