Good evening trader,
Ever since my last post on Gold, Gold has been dropping like a stone. 1,600 was taken out very easily, then Gold rebounded at 1,560. 3 more days of selling puts Gold at the close of 1,576.
Gold’s relatively low price makes it interesting to watch in the weeks ahead. There is a clear support zone between 1,540 and 1,560. I take what I see presently, so I have to respect this strong support zone. I will look for some buying pressure to push Gold out of this area. Indicators are coming out of oversold territory, but other than that, there is no real pattern to work with. I see a potential set-up to the upside. Major support should bring in spurts of buying waves even though the general trend is down. The 1,630 region acts as a good target where the mid-term moving averages are at.
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