Gold- Bulls must hold above 1840-1850 zone
On my Friday's analysis, I said that Gold could drop to 1850 support, and yesterday the price has dropped hard and has had a low at 1852.
So far, the trend remains bullish with the price trading above the trend line and the horizontal support.
However, for bulls to hold the upper hand in the medium term the price should remain above 1840-1850
A drop under this support would put a pause in the bullish scenario and could trigger a selling wave towards the 1800 area
That being said, for now, I will look to buy dips around 1850 with a 1890 target
So far, the trend remains bullish with the price trading above the trend line and the horizontal support.
However, for bulls to hold the upper hand in the medium term the price should remain above 1840-1850
A drop under this support would put a pause in the bullish scenario and could trigger a selling wave towards the 1800 area
That being said, for now, I will look to buy dips around 1850 with a 1890 target
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