Gold- Still bearish inspite of recent rise
Last week was a range trading week for Gold, with the price fluctuating between 1770 and 1810.
Although Gold had no clear direction all week and has spent most of the time in the middle of this range, rallies above 1800 were aggressively sold which gives me a bearish bias.
From the technical point of view we have clear support at 1770 and above 1800 is a strong sell zone.
I will look to sell rallies towards 1800 for a 1770 target.
Only a daily close above last week's high would change my bearish opinion
Although Gold had no clear direction all week and has spent most of the time in the middle of this range, rallies above 1800 were aggressively sold which gives me a bearish bias.
From the technical point of view we have clear support at 1770 and above 1800 is a strong sell zone.
I will look to sell rallies towards 1800 for a 1770 target.
Only a daily close above last week's high would change my bearish opinion
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