Gold- Sell rallies is my strategy
Updated
Gold had a bad week so far, with the price diving more than 500 pips in just 2 days.
This drop was stopped by the long-term support that lies around 1770 and at the time of writing XauUsd is trading at 1780.
At this point, a rebound is not out of the question but, in my opinion, buying Gold at this point is too risky.
What I would like to do instead is sell rallies towards 1800 as I expect the drop to continue.
The chart structure is strongly bearish under 1820 and only a daily close above this zone would change my opinion
This drop was stopped by the long-term support that lies around 1770 and at the time of writing XauUsd is trading at 1780.
At this point, a rebound is not out of the question but, in my opinion, buying Gold at this point is too risky.
What I would like to do instead is sell rallies towards 1800 as I expect the drop to continue.
The chart structure is strongly bearish under 1820 and only a daily close above this zone would change my opinion
Comment
Gold could accelerate losses at this point.In my opinion 1765 support will not hold and Gold could drop towards 1700 if not under.
I will make a longer term analysis tomorrow
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