Mihai_Iacob

Gold- my two bearish scenarios

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As I argued last week, Gold can change its medium-term trend to bearish, and after breaking under 1800, we have a confirmation for this.
With this bearish view in mind, I have 2 scenarios for price evolution:

Scenario 1:
Gold will break down its short-term consolidation and drop towards 1700 zone without correcting and testing 1755-1760 resistance zone

Scenario 2:
Gold will correct and test resistance and fall after to a new local low

In any case, Gold is strongly bearish as long as it stays under 1760


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