Gold price is trading below $1,800. Price made a low today at $1,784. In all our previous posts we warned bulls that $1,850 should be recaptured as this was a key pivot level. Staying below it would be a bearish sign. All of our analysis both technical and using Ichimoku cloud indicator showed Golds vulnerability and tendency to fall.

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Blue lines – trading range

Gold price finally broke out and below the trading range it was. Price is making new lower lows and lower highs. Having broken below recent low at $1,809, makes us expect more selling pressures on Gold. So far any bounce is considered a selling opportunity.

The material has been provided by InstaForex Company – www.instaforex.com

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