This time, Gold won't bounce from that support

9 May 2020

I think gold is going to make another try for the 1680.94 support. It has touched it four times already: 20th april, 21st april, 1st may, and 6th may. I wrote an idea about the break of the support on the 6th of May just before it touched it but the bulls came up with some resistance to the move of the sellers and price just bounced from the support. Price is descending again but this time with a bearish engulfing bar that appeared yesterday.

This is it. Gold is going down and it is going down big time.