Gold fell through multiple support last week and marked the biggest weekly loss in 15 months.
Almost every forms of support, from a 3-month rising channel to the equilibrium level at 1860 to all the moving averages, have been broken.
As of writing, the gold seems to have found a bit of support as it's ultimately way oversold in the short-term, and thus an opportunity to possible buy into a potential pullback.
The bigger picture, however, remains the same as inflation risk looms but the short-term sentiment is pointing towards a strong recovery in the dollar and thus demand fell for gold.
This week, we will look for signs of rebound to buy into the pullback and target 1813, where we will then look for an opportunity to sell, aiming for the neckline level at 1750.
Almost every forms of support, from a 3-month rising channel to the equilibrium level at 1860 to all the moving averages, have been broken.
As of writing, the gold seems to have found a bit of support as it's ultimately way oversold in the short-term, and thus an opportunity to possible buy into a potential pullback.
The bigger picture, however, remains the same as inflation risk looms but the short-term sentiment is pointing towards a strong recovery in the dollar and thus demand fell for gold.
This week, we will look for signs of rebound to buy into the pullback and target 1813, where we will then look for an opportunity to sell, aiming for the neckline level at 1750.
