Mihai_Iacob

Gold could reverse to the upside

OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my yesterday's comment, I said that Gold could drop further and test 1970's very important support.
Indeed, after an anemic rise above 1990, the price continued down and made a low at 1975.
With the long-term trend up and short-term trend down, XauUsd is pretty tricky at this moment.
However, considering the importance of the support zone, I favor gains from this point on and 2k resistance could represent the target.
A clear break under 1970 would put a pause to this scenario.


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