Gold is renewing its local low to 1984. Earlier, the upward price channel and triangle support was broken, which formed a strong bearish momentum.
With the dollar strengthening and the fundamentals, which are positive enough for that, that I mentioned on Sunday, gold breaks the key support area and goes down to the range of 1980-1890.
The nearest key liquidity area that the price can aim for is below the 1976 level, followed by the 1969 level.
The moving averages of the 1H timeframe are acting as resistance, while the price is about to test the support of the MA-50 on the D1.
Strong resistance: 1993, the bottom of the triangle, the bottom of the uptrend channel.
Strong support: 1981, 1976, 1969.
I expect the price keeps falling down to the area of 1976-1969, against the background of the above factors. But only if the price overcomes the resistance of 1993, the price can recover up to 2000.
With the dollar strengthening and the fundamentals, which are positive enough for that, that I mentioned on Sunday, gold breaks the key support area and goes down to the range of 1980-1890.
The nearest key liquidity area that the price can aim for is below the 1976 level, followed by the 1969 level.
The moving averages of the 1H timeframe are acting as resistance, while the price is about to test the support of the MA-50 on the D1.
Strong resistance: 1993, the bottom of the triangle, the bottom of the uptrend channel.
Strong support: 1981, 1976, 1969.
I expect the price keeps falling down to the area of 1976-1969, against the background of the above factors. But only if the price overcomes the resistance of 1993, the price can recover up to 2000.
