Gold could drop to 1920 again
As everyone expected, FED raised rates yesterday and a possible slowdown in this aggressive tightening was perceived as positive news by the market and all the assets raised:).
In Gold's case, after a test of 1900 two days ago that left a pin bar on our chart, the price continued up and, at the time of writing is at 1953.
However, in the past 3 weeks, this rise is not convincing at all, with marginal new highs and looking more like a distribution on higher levels.
Although a new high is not out of the question, in my opinion, correction is looming and the price could drop again to 1920.
I'm looking to sell with a target of around 1920 in the next few days.
In Gold's case, after a test of 1900 two days ago that left a pin bar on our chart, the price continued up and, at the time of writing is at 1953.
However, in the past 3 weeks, this rise is not convincing at all, with marginal new highs and looking more like a distribution on higher levels.
Although a new high is not out of the question, in my opinion, correction is looming and the price could drop again to 1920.
I'm looking to sell with a target of around 1920 in the next few days.
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