Gold sold off dramatically yesterday afternoon - as a big seller came in, the price dropped $20 in a matter of minutes. The price recovered well to finish around 1716, though overnight and this morning the selling pressure has returned.
The "bull flag" pattern we noted yesterday has been negated by the sharp drop yesterday, though the market found support at the 50% retracement of the rally to 1738 and this is still a "normal" retracement of that rally.
We still consider the bullish case to be the more persuasive, with solid support at 1700-1705, though a drop below this level will be bearish and suggest a retest of 1672 at the least.
For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail and the short term Elliot Wave count alternatives in play.
The "bull flag" pattern we noted yesterday has been negated by the sharp drop yesterday, though the market found support at the 50% retracement of the rally to 1738 and this is still a "normal" retracement of that rally.
We still consider the bullish case to be the more persuasive, with solid support at 1700-1705, though a drop below this level will be bearish and suggest a retest of 1672 at the least.
For our subscribers at www.goldtradingexperts.com, today's video looks at yesterday's price action in more detail and the short term Elliot Wave count alternatives in play.