Can Gold drop 600 pips by Friday?
Updated
This is my second post today about Gold and, as you know, I'm bearish and expect 1720 to be reached, but can this target be reached by Friday?
In my opinion, it can...
Looking strictly at price action, Gold was very volatile since last Friday, with already 3 spikes above 1800, and each time it dropped back like a stone.
This is a very bearish indication to me.
At this moment, yesterday's low acts as support, and if/when Gold will drop under this support I expect acceleration to the downside.
There is, indeed, interim support at 1750, but if we will have a drop under 1770, considering that this will clearly suggest a break under 1780 very important confluence support, I expect this support to fall very quickly.
The next important support is at 1720, and, yes we can see the price falling there by Friday.
For this to happen we need price to stay under yesterday's high, and of course, Gold under 1770
In my opinion, it can...
Looking strictly at price action, Gold was very volatile since last Friday, with already 3 spikes above 1800, and each time it dropped back like a stone.
This is a very bearish indication to me.
At this moment, yesterday's low acts as support, and if/when Gold will drop under this support I expect acceleration to the downside.
There is, indeed, interim support at 1750, but if we will have a drop under 1770, considering that this will clearly suggest a break under 1780 very important confluence support, I expect this support to fall very quickly.
The next important support is at 1720, and, yes we can see the price falling there by Friday.
For this to happen we need price to stay under yesterday's high, and of course, Gold under 1770
Note
220 pips drop, 380 to go
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