GOLD On A Declining Path!
Gold is moving down within a descending channel, the drop under the $1,848 has confirmed a deeper drop. As you can see on the H4 chart, the price has found support (demand) at the $1,800 psychological level and now is trying to rebound, recover.
Still, the outlook will be bearish as long as XAU/USD stays within the downside channel. That’s why the current bounce back could be only a temporary one before the price drops further. The next major downside target is seen at the channel’s downside line.
- XAU/USD Trading Conclusion
Dropping below the $1,800 psychological level, the most recent low, suggests that the decline could continue with a first target at the channel’s downside line.
The material has been provided by InstaForex Company – www.instaforex.com