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Gold- Best place to sell
As I suspected and written multiple times, Gold is bearish
If we look at the chart we can see that 3 weeks of growth, from the beginning of the year, are erased by just 2 bearish days, giving us a clear indication that bears are strong.
From a technical perspective, Gold has broken down multiple important support zones starting with 1830, confluent support of wedge's trend line, and horizontal support followed by another confluent support at 1810.
At this moment Gold is correcting this 600 pips drop( exactly from my first target for this drop) and this can provide sellers the opportunity to join the trend.
A level to watch is 1810 old support and only Gold beak above resistance would negate this bearish scenario.
Best of luck!
Mihai Iacob
If we look at the chart we can see that 3 weeks of growth, from the beginning of the year, are erased by just 2 bearish days, giving us a clear indication that bears are strong.
From a technical perspective, Gold has broken down multiple important support zones starting with 1830, confluent support of wedge's trend line, and horizontal support followed by another confluent support at 1810.
At this moment Gold is correcting this 600 pips drop( exactly from my first target for this drop) and this can provide sellers the opportunity to join the trend.
A level to watch is 1810 old support and only Gold beak above resistance would negate this bearish scenario.
Best of luck!
Mihai Iacob
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