Gold- 1765 support in focus this week
Gold has started the year badly, putting in a strong bearish engulfing on our chart, exactly from under 1830 resistance.
Also, on the daily chart, there are 3 strongly bearish signs: Bearish Engulfing on Monday, Pin Bar on Wednesday, and break on confluence support on Thursday.
The week closed under 1800 clearly suggesting that bears are in control.
At this moment Gold is trading at 1792 and, in my opinion, selling rallies is the best strategy going forward.
The first target for sellers can be 1765 support, but I wouldn't be surprised if the drop accelerates and Gold will take a dive to 1720 important support.
Also, on the daily chart, there are 3 strongly bearish signs: Bearish Engulfing on Monday, Pin Bar on Wednesday, and break on confluence support on Thursday.
The week closed under 1800 clearly suggesting that bears are in control.
At this moment Gold is trading at 1792 and, in my opinion, selling rallies is the best strategy going forward.
The first target for sellers can be 1765 support, but I wouldn't be surprised if the drop accelerates and Gold will take a dive to 1720 important support.
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