Gold price screams 1850 (at least)
I've been bearish Gold all week and, although the price didn't yet confirm my outlook, my opinion hasn't changed, more, I'm even more convinced.
On Friday we have a new attempt by gold to overcome local resistance 1910-1912 but the price fell and close at 1900.
As I said, the rise from 1850 zone is corrective and a break under 1895 would confirm that we have a new lower high in place at 1930 (already the 5th).
Considering one month of distribution this break could dramatically accelerate losses and although my profit target is at 1850 I wouldn't be surprised if gold will fall to 1800 zone.
Those of you who are not short can search to sell rallies and 1910 zone would offer also a fabulous R:R
On Friday we have a new attempt by gold to overcome local resistance 1910-1912 but the price fell and close at 1900.
As I said, the rise from 1850 zone is corrective and a break under 1895 would confirm that we have a new lower high in place at 1930 (already the 5th).
Considering one month of distribution this break could dramatically accelerate losses and although my profit target is at 1850 I wouldn't be surprised if gold will fall to 1800 zone.
Those of you who are not short can search to sell rallies and 1910 zone would offer also a fabulous R:R
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