Mihai_Iacob

Gold- preparing for a new drop?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold corrected the drop from 1960 to 1850 and on Tuesday touched and confirmed 1920 as new strong resistance. At this price bears totally took control and Gold finished the day with a large bullish engulfing.
Now the price is in a small consolidation and I expect a new leg down that can drive the price to a new low for this period at 1800 zone.
That being said, rallies under 1900 should be sold for a target of 1850 next week.

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