Gold – Looking for the Next Drop?

27 Aug - Gold Daily

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Hi All,

A quick update on the Gold. This precious metal looks like it’s approaching some road blocks not too far ahead. Looking at the chart above, price seems to be approaching a long term resistance level (~1422). Meanwhile, looking at the bigger picture, the downward trend line (green circles) shows another potential resistance. With that, the bears looks like it has had enough of a break and might be ready to resume the drop.

Will price find its next drop? Or will if continue north? I’m eager to find out.

Thank you for reading and please feel free to comment in the box below.

 

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