Gold price continues to fall. After breaking below a 2013-2014 consolidation low around 1180, it has entered another leg in a bearish trend since the 2011 and all-time high at 1920. Let’s see what is next for gold.
Gold slid further following the FOMC’s announcement that it was ending QE. After a tight consolidation around 1170 to start the week, it is now starting another leg down. If we get a pullback, look for sellers at 1170. A break above 1180 would signal consolidation/bullish correction, but the 1200 handle might provide support. If the market continues to slide, the 1000-1045 area will likely have buyers especially if the weekly RSI dips toward 20.
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