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Expert In



Gold remains vulnerable to a move towards $1,820.

Gold price is trading at $1,855. Short-term trend has changed to bearish after the top at $1,916. Gold traders were warned on time that price was about to make a pull back towards $1,870-50 area. Now that the bullish channel is broken, we have confirmation that the correction has started.


Yellow lines- bullish channel

Red rectangle- resistance

Blue lines -Fibonacci retracement

Gold price is making lower lows and lower highs. Short-term trend is bearish. I expect to see a move towards the 38% Fibonacci retracement at $1,825. Gold price is not showing any bottoming signs or reversal signals yet. I believe there is more downside to be seen specially if price breaks below $1,844. The RSI is showing some divergence signals but a new lower low in price will clarify the situation. Another bullish RSI divergence will make me change from bearish to neutral in Gold.

The material has been provided by InstaForex Company -