Gold- will it fall to 1700 zone? In my opinion it will
Since the beginning of August, Gold trade downwards and, if we ignore the spike from the beginning of the year, it respected pretty well the downtrend line.
At this point, XauUsd is sitting on a very important support which, if broken, the road is clear till 1700 zone.
If we look at price action this year is very clear that the yellow metal lost its power and every rally is sold.
So. in my opinion, this support will not hold and Gold will tumble.
Another aspect is that a lot of retail traders are long here...
I will remain short XauUsd and only a break back above 1800 would make me reconsider my bearish outlook
At this point, XauUsd is sitting on a very important support which, if broken, the road is clear till 1700 zone.
If we look at price action this year is very clear that the yellow metal lost its power and every rally is sold.
So. in my opinion, this support will not hold and Gold will tumble.
Another aspect is that a lot of retail traders are long here...
I will remain short XauUsd and only a break back above 1800 would make me reconsider my bearish outlook
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💎 Crypto Channel:
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