How Long Can Gold Drop? Can it Break 1680.00 ?
Gold is dropping 6 days in a row. In my last article, I did mention Gold is going to drop more than really happened. Is it time to sell now? I don't think so. we need to wait for some correction to the upside. then we can sell again. Breaking below 1850.00 price zone upside became invalid.
from the current price zone, 1810/1815 is immediate resistance. We may think for sell from the 1810/1815 price zone. not before that. Like 6 days in a row market is dropping, so, we may see upward correction at any time. Either breaking below the 1760 price zone, we may see more selling pressure till the 1680/1685 price zone.
of course, we are not going to buy like swing trade, we must follow the trend. so, wait for correction and keep selling as long next market mover data comes out. We need to analysis combine between technical and fundamental. Both factors are important to take a decision.
from the current price zone, 1810/1815 is immediate resistance. We may think for sell from the 1810/1815 price zone. not before that. Like 6 days in a row market is dropping, so, we may see upward correction at any time. Either breaking below the 1760 price zone, we may see more selling pressure till the 1680/1685 price zone.
of course, we are not going to buy like swing trade, we must follow the trend. so, wait for correction and keep selling as long next market mover data comes out. We need to analysis combine between technical and fundamental. Both factors are important to take a decision.
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