GOLD - Daily - Bears are in the driver's seat.
Trade Alert
In these times of uncertainty, we can clearly see that Gold is losing its "safe-haven" status, by continuing to slide lower. The precious metal keeps breaking key support areas and is aiming currently for a test of the long-term upwards moving trendline, taken from the lows of December 2015. The potential next area of support to watch is the 1237 zone.
For us to become more bullish and aim for higher levels, we would need to see a break back above the 1261, in order to consider higher levels again.
Never forget your SL.
In these times of uncertainty, we can clearly see that Gold is losing its "safe-haven" status, by continuing to slide lower. The precious metal keeps breaking key support areas and is aiming currently for a test of the long-term upwards moving trendline, taken from the lows of December 2015. The potential next area of support to watch is the 1237 zone.
For us to become more bullish and aim for higher levels, we would need to see a break back above the 1261, in order to consider higher levels again.
Never forget your SL.