Gold could drop under 1700, again

١٢ مارس ٢٠٢١

It has been a good week for Gold with the price rising almost 700 pips from bottom to the top. However, with the price still under the descending trendline, bulls are not yet out of the woods.
Yesterday though, XauUsd encounter resistance at 1740 and dropped quickly to 1720 support. Afterwords Gold consolidated in a tight range just above this support and a break here becomes very probable.
A drop under 1700 again is not out of the question and I will look to sell rallies.
A break above 1740 would negate this scenario