Gold look for more downside to come
|The chart below shows Gold in a complex correction. We are looking for one more push lower below $1800 if we are to continue the overall bull market. Complex corrections are normally time-consuming, the chart below shows we have been in a range since 7 August 2020.
The impulsive move lower after the completion of wave (x) has given us a high probability that the move lower has started and will continue. The yellow zone is the 61.8 Fibonacci retracement level of the move lower. We can look for more selling pressure around that area. The move lower will be invalidated if we break above the wave (x).
No key news events to look out for this week.
Res: 1900.00; 1935.00; 1964.00
Supp: 1820.65; 1800.00; 1734.08
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.