Will Gold break under important support?
On my Monday commentary, I said that 1720-1730 should be strong resistance and rallies towards that zone should be sold and, indeed, after an overnight spike in that zone yesterday, the price reversed strongly leaving a long-tailed red candle on our daily chart, a clear indication that bears are in control.
At the time of writing Gold is trading under the 1700 figure and a continuation to the downside is very probable.
I expect a break of support in the near future which will also confirm a large double top that we've spoken about on Friday.
The strategy should remain the same: Sell rallies and this bearish outlook is valid as long as the price of Gold is under yesterday's high.
Monday's Gold analysis:
Friday's Gold analysis:
At the time of writing Gold is trading under the 1700 figure and a continuation to the downside is very probable.
I expect a break of support in the near future which will also confirm a large double top that we've spoken about on Friday.
The strategy should remain the same: Sell rallies and this bearish outlook is valid as long as the price of Gold is under yesterday's high.
Monday's Gold analysis:
Friday's Gold analysis:
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