Gold is currently trading at 1696 at UK session. Our analyst is finding a good setup to short this pair. As we have seen last Friday Gold was heavily sell off from 1720 to 1675. NFP data was more than good from the actual forecast.
If we look at the daily chart, Gold is now trading at 1696 which is the 60% retrenchment of the daily candle. Also a triangle breakout confirms that bear is in full control. We might see gold is trading below 1680 and also high possibility to break the support of 1660. We are fully bearish on Gold. One the other hand resistance is seen at 1704 and 1720 respectively.
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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.