Project_PriceAction

Gold Bulls suffer a minor setback

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold buyers have failed again at the 1745 area but the drop has been small so far. It is possible that Gold bulls are waiting to enter at lower levels and push the price beyond 1760.
But, repeated failure to break the 1745 zone is not a good sign for the buyers.
A correction towards 1700 and even 1675 can not be ruled out.
So far, this price action appears to be consolidation and profit taking.
As per my analysis, this is not a trend reversal.
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Comments

Very good! Here is what price action shows:
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Good for you!))
This is my analysis)
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Indices are going up Gold will fall for sure
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Project_PriceAction dmitrykonyavin
@dmitrykonyavin, Yeah taking into account the correlation you are talking about, you are correct
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I also think it will fall to 1670
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@aygmurzina, Yes it is already approaching my first target of 1700
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FOR4VEL Project_PriceAction
@Project_PriceAction, Wow it's moved crazy
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