GOLD POC zone Shows Strong Sellers

Dear traders,

After the FOMC, GOLD spiked up as the weakness in the USD was imminent. Stock went up, USD down and GOLD up as a part of inter market correlation.

GOLD is bearish. No matter the FOMC positive tone, I expect GOLD to drop as the markets are favouring other safe havens. Investors might start selling GOLD again and retail traders are joining the fray. 1740-50 is the POC zone and I expect rejections. Targets are 1728, 1718 and 1708. At this point I am selling on rallies. Only above 1760 we will see a deeper retracement up, as the trend is still down.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez