GOLD sellers still in the game

analytics613b9f8d8f294.jpgAt the moment of writing, gold was dropping. It seemed determined to resume its downside movement. The level of 1,784.57 is seen as a support level, a downside obstacle. I've mentioned in a previous analysis that XAU/USD could register a broader downside movement if it drops below 1,784.57 former low.

In the short term, it has increased a little but it has failed to stabilize above the 1,800 psychological level signaling strong sellers. Its failure to register an important rebound may signal a potential larger drop.

Trading Conclusion

Gold may extend its drop if it falls below 1,784 - 1,780 area and after stabilizing under these downside obstacles.

The material has been provided by InstaForex Company - www.instaforex.com

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