As I argued last week, Gold can change its medium-term trend to bearish, and after breaking under 1800, we have a confirmation for this. With this bearish view in mind, I have 2 scenarios for price evolution:
Scenario 1: Gold will break down its short-term consolidation and drop towards 1700 zone without correcting and testing 1755-1760 resistance zone
Scenario 2: Gold will correct and test resistance and fall after to a new local low
In any case, Gold is strongly bearish as long as it stays under 1760
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.