Gold- Entering bear market?(long term view)
Since the all-time high last year, from above 2k, Gold has started to drop, putting in lower highs on our weekly chart.
Friday's drop was very steep and completed a bearish engulfing on our weekly chart which negates a month or gains.
Gold is sitting now on a VERY IMPORTANT CONFLUENCE SUPPORT, a strong horizontal one, and the long-term trend line and a break here would be strongly bearish.
Bears can target 1685 support, but I wouldn't be surprised if the yellow metal will drop to 1550 if we have such a break.
In the short term, I will go with the flow and sell rallies for 2-300 pips targets.
Friday's drop was very steep and completed a bearish engulfing on our weekly chart which negates a month or gains.
Gold is sitting now on a VERY IMPORTANT CONFLUENCE SUPPORT, a strong horizontal one, and the long-term trend line and a break here would be strongly bearish.
Bears can target 1685 support, but I wouldn't be surprised if the yellow metal will drop to 1550 if we have such a break.
In the short term, I will go with the flow and sell rallies for 2-300 pips targets.
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