GOLD confirmed a further weak closing breaking even below the support line that opened the way for an extension of the drop toward the 200 days line at 1592,40!
The indicators of the daily chart are still well negative as well as those of the 4h one supporting lower levels. Only the indicators of the hourly chart returned above the line following the rebound we’re seeing after the 1670 undershooting.
Possible a retest of the 1700 area if not even 1712 where we expect decent resistance and from where it should resume the decline. Now clear bullish divergences still support a negative tone.
We favour lower levels still but moved again the stop to 1728,50 just in case.
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FUTURE TREND RESEARCH