due to the high inflation and the poor US economy gold should be bullish so why is it falling ? the answer is that GOLD is pricing in the future upcoming US economic stimulus , the institutions and investors know that the FED will step in to try to lower the current high inflation . so don't be surprise if you see a gold rise when FED rises the interest rate since the short are already being priced in .
GOLD is traded in a very bearish zone especially with it breaking under 1770 , so I suggest you to consider looking for sells only . currently gold is consolidating between 1770 and 1762 , and if we get a candle close under 1760 GOLD is likely to keep it's bearish run toward 1754 and if this level breaks , we will see a possible continuation to 1749 , 1745 and 1741.
i only consider looking for buys if GOLD breaks above 1770 , and when it does there a higher chance for it to come back to 1787 level.
with the upcoming newyork session that will bring more volume to the GOLD market we might see some nice moves on gold .
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