Gold- Drop to 1680 again?

٢٩ أغسطس ٢٠٢٢

Last week was an interesting one for Gold traders and after the middle of the week, bulls were in control and elevated the price, after the touched the 50% Fibo of the previous leg down and reached the resistance zone at 1770, the price has started to drop, leaving a long-tailed candle on our weekly chart.
This is an indication for me that the medium-term trend is down (this recent high being the 4th lower high since March) and Gold could drop further to 1680 support.
That being said, my strategy for the week is selling rallies towards 1750 with negation above last week's high and the target at 1680.