Gold has been in a steady downtrend with Bullish moves being corrected fully. You can play these short-lived buy bounces but it's risky. We have just broken below 1820 and melted to 1812.5 a key level, close to the fed rate decision price. Fail to break above 1820 and we could see more downside specifically around 1808-1803 areas. Break above 1820 and we can head towards 1828 which is a make-or-break level as if it doesn't break the trend, more downside to come. Safe buys only above 1828, the 1820 buys are RISKY. Trade safe.
Comment:
Gold buyers jumped in during New York to drive price up to 1830's, failed to break trend and melted all the way back down 1820's and 1812.5's
Comment:
300 pips from 1830's all the way down to 1800-1795 area