GOLD Bears are Dominant as the Price is Moving Further Down

Gold is very bearish. We can see that rallies are sold into and that was pretty much expected.

The POC zone is 1729-32. As the momentum is strong I don’t think we will see a retracement to the zone but rather smaller rallies will be sold. That being said watch for 1705 – 1715 for next wave of selling, Below 1700 we should see a continuation towards 1684 but also below 1684 towards 1675.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad