Gold - Major correction or gold bull over?

26 Şub 2021

This has now officially turned very bearish. Under the 200 EMA, we had a perfect rally back to the old trend line and bounced off it as resistance, and we broke under major support. I still think the longer term view supports higher gold prices but right now I wouldn't touch it until it found strength in the 1600s. The other option is the sell off reverses and crosses up through the old support but I think that's very unlikely atm. 1600s the target for me.