Gold- Down to 1780 support again?
Updated
Yesterday it was the 4th of July and, with American markets closed, is no wonder Gold bearly moved.
Also, looking at the posted chart we can see that, in the past 6 weeks, the price action was pretty choppy and the pattern is an arch, suggesting down continuation.
Support at this moment is at 1780 and, as I mentioned before, a break here could lead to a further drop, even to 1680.
On the other hand, a break back above 1830 would negate my bearish scenario and expose the 1875 recent high.
Also, looking at the posted chart we can see that, in the past 6 weeks, the price action was pretty choppy and the pattern is an arch, suggesting down continuation.
Support at this moment is at 1780 and, as I mentioned before, a break here could lead to a further drop, even to 1680.
On the other hand, a break back above 1830 would negate my bearish scenario and expose the 1875 recent high.
Note
TP @1780 HIT
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