OptimoomFX

Gold- Will it break under important 1780?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold has moved like a headless chicken since Friday, with spikes up and down, but without a clear direction.
However, considering that the medium-term trend is bearish and that on Friday it dropped like a stone from above 1800, I tend to say it will break under 1780.
Also, yesterday we have a false break above 1795 short-term resistance which add to my bearishness.
So far, 1780 acted as a floor but is already tested 4 times which makes this support weak, not strong as you may be inclined to believe.
I expect this support to give up soon and Gold can accelerate its losses towards the important 1720
Interim support is at 1750
Only sustained gains and consistent bids above 1810 would change my bearish opinion
Comment: Opened first set of sells

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