Gold's Descent: Breaking Support and Looking Ahead

27 Sep 2023

Yesterday was not a bad day for Gold bears, with the price dropping around 150 pips, but more importantly, breaking under important confluence support around 1915.
As explained in yesterday's post, this was the line in the sand and Gold under this level would bring bearish confirmation.
Going further, I expect XauUsd to continue its descent and I'm looking for a drop to the first technical level at 1885.
However, in the long run, 1855 is my target.
That being said, sell rallies is the strategy for me with an ideal entry between 1910-1915.

Keep in mind that gold is currently in a weakened state, and the broken support may not be retested. Therefore, signs of weakness above 1900 could also present good entry opportunities.


Best of luck and happy trading!
Mihai Iacob

27 Sep 2023

Catatan

1885 target hit