As we predicted yesterday, the failure to hold support at 1550 saw gold sell off further and the price is now approaching the 1522 major support level.
If gold can hold here and form a "double bottom" this can provide a strong technical base for a new rally upleg, however the market looks very weak and 1522 looks vulnerable to us.
The low for the day is 1526, this is close enough to confirm the "double bottom", however we must wait and see what develops here before even thinking about going long.
If gold can hold here and form a "double bottom" this can provide a strong technical base for a new rally upleg, however the market looks very weak and 1522 looks vulnerable to us.
The low for the day is 1526, this is close enough to confirm the "double bottom", however we must wait and see what develops here before even thinking about going long.