Gold- The start for 1720 drop?
If you've read my reviews you know I've been bearish Gold for a while and after yesterday's move, I've become more bearish.
Looking at the daily posted chart we can see that Gols has started the year putting in a strong bearish engulfing and, after correcting some of the drop, yesterday we have also a strong Pin Bar from just under 1830 very important resistance.
This " double bearish signal" is the reason that I've become more bearish and I think that once 1800 psychological support is cleared Gold will tumble pretty fast and 1720 would be a reasonable target in the medium term.
That being said, traders can look to sell rallies under 1830, and as targets, they can look for 1770 and, as I said, 1720.
Only, AND ONLY, a consistent break above 1830 would change my strongly bearish outlook
Looking at the daily posted chart we can see that Gols has started the year putting in a strong bearish engulfing and, after correcting some of the drop, yesterday we have also a strong Pin Bar from just under 1830 very important resistance.
This " double bearish signal" is the reason that I've become more bearish and I think that once 1800 psychological support is cleared Gold will tumble pretty fast and 1720 would be a reasonable target in the medium term.
That being said, traders can look to sell rallies under 1830, and as targets, they can look for 1770 and, as I said, 1720.
Only, AND ONLY, a consistent break above 1830 would change my strongly bearish outlook
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