Gold Supported at 1800 but Bears are Still in Charge

Dear traders,

Gold remains bearish despite support at 1800. Sellers are waiting at the POC zone.

A retracement towards the 78.6-88.6 zone is good for sellers. We can also see an order block in addition to a strong retracement zone. If we see a retracement towards 1825-30 watch for a renewed wave of selling towards 1816, 1812 and 1800. A break below 1800 and 1791 is next. As long as 1845 is safe, bears should not have any problems.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez