Breach of Major Support
When gold broke below the long term support channel @ 1800 in the beginning of July, red flags definitely went up (mind the pun). And following the retest and consequent rejection of this level 2 months later we had clear confirmation of the new bearish trend in force. Considering we have now also dipped below another major level of support in terms of the Weekly 200 SMA and yearly S1 pivot it would seem that a sell-off to at least 1575 is now inevitable. Just be mindful of the fact that we could see a bounce from current support with a test of ~1770 not improbable. This could also help to shake some shorts before the final dip. But to conclude; any price action below 1670 will be very bearish
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.