Gold fell in overnight trading, dropping below 1700 in what looks like stop loss induced selling. The price has rebounded since, however the uptrend line was briefly broken by the sell off and the market remains vulnerable to further liquidation, with 1672 and the 200 DMA at 1665 likely targets.
Although the bullish case has been dented by recent price action, a strong rebound from here and a break of 1730 would put the bulls firmly back in charge.
For our subscribers at www.goldtradingexperts.com, today's video looks at our revised Elliot Wave count and our thoughts for our next trade.
Although the bullish case has been dented by recent price action, a strong rebound from here and a break of 1730 would put the bulls firmly back in charge.
For our subscribers at www.goldtradingexperts.com, today's video looks at our revised Elliot Wave count and our thoughts for our next trade.