The bottom of the descending H1 channel was broken yesterday down to the low of 1809. After the initial pullback to the 1817-18 level, gold subsequently continued back down to the 1809-10 level again and during NY session proceeded to have mini pullbacks to the 1813-14 level on three occasions, each time reversing and coming back down. Therefore I see the 1800 psychological level coming very soon, potentially in the next trading day on Monday. The fundamentals also support the bearish outlook for gold with US inflation, NFP figures, yields etc along with the higher timeframes technicals all pointing to the downside.
Let's see what happens next week, and feel free to comment and share your thoughts.
Let's see what happens next week, and feel free to comment and share your thoughts.