Last week, we played the bearish structure all the way back down to the 4 HR lows near 1810, broke below it, retested 1810 for a clean break and retest, and had continued downside. Still in a seller bias, I would be looking for a 50% correction of yesterday's move around 1790 and if it fails to break, more downsides could be expected. We need to remember, gold moves in massive waves, after printing a new low from 1812 to 1765, that's 500 pips. Gold can easily correct 250 pips to 1790, but if it breaks, can head 100 more pips to 1800 psychological level. SO, TRADE SAFE.
Comment:
1765 broke down for 300 pips