Gold has been on a downtrend as of late and recently we have been trapped in a 50 pip consolidation region between $1830 and $1870.
Currently I can see a candle breaking out of this consolidation and I do expect a daily candle closure below and a retest around 1828.500 possibly on a lower timeframe followed by a further downside leg to $1780 and optimistically speaking - $1700 However only time will tell for my second target.
Currently I can see a candle breaking out of this consolidation and I do expect a daily candle closure below and a retest around 1828.500 possibly on a lower timeframe followed by a further downside leg to $1780 and optimistically speaking - $1700 However only time will tell for my second target.
Trade closed: target reached