Gold- I expect strong down moves
Last week Gold failed multiple times to reconquer 1800 zone, and with each failed attempt I become more bearish.
Yesterday was a very quiet day for Gold with the price moving in a very tight 50+ pip range making me wonder if this is the quiet before the storm.
From a technical point of view, as I said, 1800+ is very strong resistance and offer zone and I expect to act as a ceiling
On the other hand, 1765-1770 support is not so strong in my opinion and I expect it to fall this week.
Considering this relatively tight range between 1810 and 1770, a break of support could lead to big moves to the down side and 1720 support remains my target.
However, a 1000 pips drop to 1680 is not out of the question by year's end.
Best of luck!
Mihai Iacob
P.S: Write your comment or share your chart and analysis in the comment section. Also "Likes" are much appreciated
Yesterday was a very quiet day for Gold with the price moving in a very tight 50+ pip range making me wonder if this is the quiet before the storm.
From a technical point of view, as I said, 1800+ is very strong resistance and offer zone and I expect to act as a ceiling
On the other hand, 1765-1770 support is not so strong in my opinion and I expect it to fall this week.
Considering this relatively tight range between 1810 and 1770, a break of support could lead to big moves to the down side and 1720 support remains my target.
However, a 1000 pips drop to 1680 is not out of the question by year's end.
Best of luck!
Mihai Iacob
P.S: Write your comment or share your chart and analysis in the comment section. Also "Likes" are much appreciated
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