AlgoVenture

Weekly Outlook: Gold To Reach 1810

Penjualan
OANDA:XAUUSD   Emas / Dollar A.S.
After falling for a straight 5 consecutive days last week, the price shows no signs of stopping as it falls into a freefall zone after breaking the major psychological price of 1900.

The Bollinger band stays wide opened too with moving averages pointing towards a steep downtrend.

It is noted that for over the past 3 years, every time where the gold price fell from its peak steeply, it will find significant support at 1810 to provide a significant pullback, which also coincides with the bottom of a bearish channel.

As such, we shall continue to look for selling opportunity for the week before it reaches 1810.
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