XAUUSD Morning everyone. Gold continues its agressive drop through Asian session. Its gone too far for me to get in a sell so I'm looking out for the retracement. My next buy zone is 2534 where there is a Daily imbalance. This could be quite a big addressive move back up to 2600. Breaks this buy zone and we could very likely be looking at 2500.
GOLD Bears have had their way, a drop of just 7days, what bears used over 30days to build. That is magnanimous. Im still long thos, lets see if a bigger bull decided to ride long.
XAUUSD On the daily chart, gold has broken below the price channel to facilitate a new bearish cycle with a near-term target around $2,548 rather than the $2,528 level noted by readers in the previous issue. .
Meanwhile, the Relative Strength Index continues to point down with a steep slope without reaching the oversold area, showing that the bearish outlook is still ahead and the recovery phase may not yet occur. Gold had had 4 consecutive days of strong declines before that.