Mihai_Iacob

Gold- 1910-1920, the line in the sand for bulls

Long
OANDA:XAUUSD   Or / Dollar Américain
Last week, Gold has failed to hold above 1940 support and after it has broken under, the price dropped quickly and is trading just above 1920 next support at the time of writing.
Looking at the posted chart we can see that 1910-1920 is a very important support zone and for the price to remain bullish it needs to stay above this zone.
A reversal from here could lead to further gains with 1960 resistance in focus but, on the other hand, a break under could lead to further losses and 1880 can be the next target.
More importantly, if bulls could not manage to hold the price above, we have a false break above 1960 and a lower high in place at 2k. This can mean a switch to bear trend in the medium term.

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