Gold could drop 400 pips

13 июл. 2022 г.

Yesterday I said that Gold could correct to the upside and, indeed, the price had an intraday correction to 1744.
However, bulls were unable to hold gains and the price fell and close the day in red territory giving us an indication that the market is still weak.
At the time of writing, Gold is trading just above 1720 zone support and it seems like is pressing down.
A break to this support can lead to continuation to the downside and expose important 1680 support.
As I mentioned in my previous commentaries, I'm bearish as long as the price is under the 1750-1760 zone.
Sell rallies remains my preferred strategy.