#OPINIONLEADER# #GOLDTODAY# #goldfall# #trading#
As posted yesterday on my Article yesterday, that the price of Gold is ready to make a new low. This post is an update on the article.
Gold fell from 1807 to 1790 yesterday. The support level at 1790 didn't reject price as price cleared the support level after a short rally to 1795 at the end of the US session. The 1790 support level was breached as price fell to 1782 just before the London session this morning. Gold saw a further crash as the London market opened and continued to fall during the US market.
The price of Gold crashed to 1750 during the US session today all the way from 1807, where price was rejected from yesterday. Gold has lost more than 500 points in less than 48 hours and it's likely to crash further as the market closes for the week tomorrow.
The support at 1750 is holding price at the moment, and price might take a pause there for a while before crashing further. 1720 and 1680 are the next price zones where Gold might likely fall to.
The strategy that was used on this trade is called FALSE BREAKOUT from a range. Price went into a range on the 4hr at the 1790 support level and a false breakout to the upside made a lot of traders think price will continue to rally. But the reality is that price only breakout to fill professional sell orders and take out the SL of people trading the range. Personally, I have seen this strategy work out perfectly like this, times without number. It can be quite complex for newbies but it's one of the strategies I love the most. It's easy as you know exactly where price will turn from.
I will continue to post updates as the trend is still healthy and more downside is expected.
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