For Monday potential down to 1863 is possible if we see on DAILY timeframe.. but remember always WATCH 1876 (strong)… The most important for This WEEK: Retail sales data will play an important role in seeing the pace of gold price movements in the middle of this month.. we all know that retail sales data was very bad on May .. this week is very decisive.. it would be better to wait for the results of the data before making transactions in gold. I only want to describe the movement of gold prices for next two weeks .. level 1876 still plays a key role where this level is a strong support level and right at the meeting point between trend lines and right at the fibo 0.5 point (as we can see at the chart) .. if this week's RETAIL and FOMC data are good, then we can make sure the gold price will continue down to the level of 1802 this week. if the retail and FOMC data is bad then I can make sure the gold price will soar to the price of 1933…. better wait for data to be released before making a transaction... happy and safe trade gaeees….
If it does break the trendline I don't think it will got that low. I think it will try to back test the original downwards trendline at about ~1838, if it breaks that then there's the 50SMA on the daily currently at ~1823. I'm watching those two for a rebound. Also ~1813 is a Fib retracement level.
1797 is also a fib retracement level and major support, but this price pushes this back into the downwards trendline.
What this pattern looks to me is a cup and handle to consolidate before pushing to 1950.
1797 is also a fib retracement level and major support, but this price pushes this back into the downwards trendline.
What this pattern looks to me is a cup and handle to consolidate before pushing to 1950.