Good morning investor friends!
Gold continues to remain below the downtrend line of the bearish channel (upper red line) and the key resistance $1750 (yellow line). It was important for the bulls to break these ceilings in order to have a chance to take the price to $1800 or higher.
The trend remains bearish and Gold is making lower and lower lows.
Last March 18th Gold attempted to break through these key resistances but failed to do so. In fact, it was in a wedge pattern and is currently breaking downwards.
The next possible scenario would be a drop to support at $1680 (green line) and support at $1640 (blue line) which coincides with the lower trend line of the bearish channel (lower red line).
I would sell with Take Profit at $1680 and $1640. I would place Stop Loss above 1750$.
Greetings colleagues!
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.
