Gold can drop to 1840-1850 support zone again

٦ مايو ٢٠٢٢

Two days ago I said that Gold may have found a bottom and, indeed, XauUsd rose above the 1900 figure.
However, this rise was very short-lived and Gold sold off aggressively yesterday leaving a long-tailed Pin Bar on our daily chart.
At this moment pressure is on the downside and a expect a test of the 1850 zone.
That being said, rallies should be sold and only a break above the recent high would put a pause in this bearish scenario.