Mihai_Iacob

Gold- Long term bull trend can be in jeopardy

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Since the 7th of March test of the old ATH, Gold is trading downwards and, what at first seemed to be a normal correction is starting to look like a trend reversal.
Technically speaking, looking at the weekly posted chart, we can see that XauUsd has had a clear up trajectory starting in mid-2018. However, after the second top(that can become a double top) the price has fallen more than 2k pips and at this moment is challenging a very important confluence support: the long term trendline and horizontal important zone.
For the trend to remain intact, bulls need a reversal now and the price to get back above the 1880-1890 zone quickly.
On the other hand, a clear break under this support would expose 1680 support in the medium-term.
At this moment my approach is to wait and see.



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