GOLD is Bearish After the NFP

Dear traders,

The bearish scenario has played out well for Gold. 1795 broke lower and the price went lower 300 pips.

We should expect a bearish continuation of the GOLD move. If the market doesn’t break 1766, the price should go lower. The 1750 zone is where bears might be waiting and pull the price lower. Watch for 1766 as resistance and 1750 zone for shorting. Targets are 1705, 1667 and 1650. Only  a break above 1766 is temporarily bullish.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez