Gold

Gold is Ready for a Fresh Drop

Gold is very bearish. The price should retrace to the POC zone and start a fresh move down.

The POC zone 1742-50 is the important zone where we can expect fresh sellers. If the market retraces back there, we might expect a fresh move down. Targets are 1708 and 1692. Further continuation down will lead the price to retest 1661. As long as 1776 holds, gold bears are safe. Selling on rallies is the way to go now until proven otherwise.

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

Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.