Gold- To break under 1800?
In yesterday's comment, I said that "I'm slightly bullish Gold", but this optimism faded away during the day.
After an attempted correction 2 days ago, Gold failed again yesterday under 1820 and this type of price action could not convince me that 1800 will hold.
From the technical point of view, Gold is trading in a tight range that can be viewed as a rectangle and a continuation under 1800 is probable at this point.
I will look to sell rallies and a medium-term target for bears can be 1750.
Only sustained buying pressure and a daily close above 1830 would change my bearish outlook.
After an attempted correction 2 days ago, Gold failed again yesterday under 1820 and this type of price action could not convince me that 1800 will hold.
From the technical point of view, Gold is trading in a tight range that can be viewed as a rectangle and a continuation under 1800 is probable at this point.
I will look to sell rallies and a medium-term target for bears can be 1750.
Only sustained buying pressure and a daily close above 1830 would change my bearish outlook.
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