Gold has confirmed the false break, now what?
Yesterday I said that gains should be limited for Gold (in fact I kept saying in my past posts that I believe Gold is bearish) and a drop under 1830 will confirm a false break.
Indeed, the price has reversed and has dropped under 1830 confirming a false break to the upside.
At this moment Gold is trading at 1816, under this important level and also under the ascending trend line that kept price elevated from the beginning of the year and I believe the 1850 zone is now a lower high.
With this in mind, I'm expecting continuation to the downside and traders should look to sell rallies towards the mentioned resistance
The first level of interest for bears would be 1785-1790 zone support.
A new high above the previous one would negate this scenario.
Indeed, the price has reversed and has dropped under 1830 confirming a false break to the upside.
At this moment Gold is trading at 1816, under this important level and also under the ascending trend line that kept price elevated from the beginning of the year and I believe the 1850 zone is now a lower high.
With this in mind, I'm expecting continuation to the downside and traders should look to sell rallies towards the mentioned resistance
The first level of interest for bears would be 1785-1790 zone support.
A new high above the previous one would negate this scenario.
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