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Expert In



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 -