GOLD! Right, we're at a crucial point in Gold at the moment. You can see how many times this support has been tested, the more its tested the weaker its becoming. So today we're going to play with caution, there are two scenarios here and both are feasible.
Scenario 1:
We retrace from here back towards the 1801-4 levels and the price finds resistance there, that will give it enough of a pullback to come back down and break that support level opening up the lower price levels of 1785-1770.
Scenario 2:
We are in a very small trend on the hourly and the price is playing at the bottom. The price can be support here again and push up towards the 1814 levels.
Its a difficult place to place trades, however, we would suggest if you do to use a strict stop loss. We're still bearish on Gold so will trade it both up and down with the bias being towards the lower levels.
Thank you team