Mihai_Iacob

Gold could drop towards 1900

OANDA:XAUUSD   Emas / Dollar A.S.
Yesterday, Gold has traded in a tight range between 1940 and 1950 (ingore the spike from the chart, it wasn't real, at least at the brokers with which I trade) and at the time I'm writing the short term 1940 is broken.
As explain yesterday, we are in a very important support zone, and in a case of a genuine break, Gold could drop pretty hard.
Considering price action and the downside preassure, a genuine break is now very probable and 1900 zone could be the short term target.
In conclusion, selling rallies above 1940 could be a good strategy and only Gold back above 1970 would change this bearish outlook.

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