Gold- Can it drop to 1560???(weekly chart)
Since the ATH made last year in August, Gold has put lower hights on our weekly chart.
Recently it is clear that rallies above 1800 are sold and there is a big selling pressure.
Last week the price completed an Evening Star candles formation above this 1800 important figure and this week is a red one, confirming continuation to the downside.
I expect the price to fall further and the first target is the 1680 low
However, considering the fact that the long term rising trendline is clearly broken now we can expect price to fall to 1560 support in the medium term
Recently it is clear that rallies above 1800 are sold and there is a big selling pressure.
Last week the price completed an Evening Star candles formation above this 1800 important figure and this week is a red one, confirming continuation to the downside.
I expect the price to fall further and the first target is the 1680 low
However, considering the fact that the long term rising trendline is clearly broken now we can expect price to fall to 1560 support in the medium term
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