GOLD Bears are Nailing the Price

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear traders,

Gold is still bearish. We can see a huge drop yesterday as the safe haven again moved to the USD. At this point we see fresh sellers in the POC zone.

1920-28 is the POC zone. We can see historical sellers there in addition to other confluence points. Confluence points are D L3 and 78.6-88.6 which should bring the price down as the main intraday and intraweek trend is bearish. Targets for the move will be 1913, 1909 and 1890. However if the price breaks 1890 without retracement, then the target is weekly L5 camarilla pivot 1870.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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