GOLD: More Correction Downside towards 1785$ and 1744$
Gold has continued to decrease as expected and now it has found temporary support at the $1,800 psychological level. I mentioned last month on my analysis drop expected After US-election would drive the price at least till the $1,800 level.
The price is located in a strong support area represented by the $1,800, the S3 ($1,803), So, a bearish closure under the 1,800 suggests that the downside movement should continue. This scenario could help us to catch the downside movement. The price could try to recover a little after the most recent sell-off. The bias will remain bearish as long as the price stays under the $1,848 resistance (support has turned into resistance).
It could retest the near-term resistance levels, obstacles, before dropping deeper. A bearish closure under the $1,800 level will offer a selling opportunity with a downside target at $1,744.
🛑SUPPORT/RESISTANCE
✅S1= 1803
✅S2=1744
✴️R1=1848
✴️R2=1900
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The price is located in a strong support area represented by the $1,800, the S3 ($1,803), So, a bearish closure under the 1,800 suggests that the downside movement should continue. This scenario could help us to catch the downside movement. The price could try to recover a little after the most recent sell-off. The bias will remain bearish as long as the price stays under the $1,848 resistance (support has turned into resistance).
It could retest the near-term resistance levels, obstacles, before dropping deeper. A bearish closure under the $1,800 level will offer a selling opportunity with a downside target at $1,744.
🛑SUPPORT/RESISTANCE
✅S1= 1803
✅S2=1744
✴️R1=1848
✴️R2=1900
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.