Gold price got another rejection at $1,920-30 area and is now breaking lower below short-term support of $1,900. Next key support is at $1,850 and next is at $1,805 where we find our first bearish target.
Red line – resistance trend line
Green lines – expected size of downward move
Gold price has been rejected several times at the downward sloping red trend line. As long as price is below the trend line we remain bearish looking for a move towards $1,810-$1,800. Price is expected to make an equal decline relative to the last downward move. Confirmation of the $1,810 target will come once price breaks below recent lows at $1,850. Until then any upward move is considered opportunity to sell as long as price is below the resistance trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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