Weekly Outlook: Gold To Reach 1810
After falling for a straight 5 consecutive days last week, the price shows no signs of stopping as it falls into a freefall zone after breaking the major psychological price of 1900.
The Bollinger band stays wide opened too with moving averages pointing towards a steep downtrend.
It is noted that for over the past 3 years, every time where the gold price fell from its peak steeply, it will find significant support at 1810 to provide a significant pullback, which also coincides with the bottom of a bearish channel.
As such, we shall continue to look for selling opportunity for the week before it reaches 1810.
The Bollinger band stays wide opened too with moving averages pointing towards a steep downtrend.
It is noted that for over the past 3 years, every time where the gold price fell from its peak steeply, it will find significant support at 1810 to provide a significant pullback, which also coincides with the bottom of a bearish channel.
As such, we shall continue to look for selling opportunity for the week before it reaches 1810.
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