GOLD is Bullish but Watch for a Drop Below 1740

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear Traders,

The Gold is still bullish. However, the price is overbought and we could see a further drop towards W L3 and W L4 levels.

As we can see, Gold has made a lower low during the movement in the overbought zone. At this point we might see a drop towards lower levels. 1724 and 1708 are potential targets. If the price closes above 1757 we should see a continuation to the upside. 1724 is the weekly camarilla pivot and the strong support. Only below 1708 we should see a deeper retracement towards 1679. 

The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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