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17.09.202117:20 Forex Analysis & Reviews: Gold approaching major weekly support

Long-term review

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Gold price has reached our target of $1,750 after breaking below $1,780 and the last bearish signal we got. Trend remains bearish as price is making lower lows and lower highs. There is no sign or even a warning of reversal from the oscillators. Gold could continue its decline towards $1,700.

Red line - weekly resistance trend line

Green lines- Fibonacci retracements

Gold price is in a bearish trend as long as price is below the red resistance trend line. Price got rejected twice at the red trend line. Major support is found at the 38% Fibonacci retracement at $1,720-$1,710 area. A weekly close below this level will be a bearish signal and price will be expected to continue lower at least towards the 50% Fibonacci retracement. Our most probable scenario is for Gold to create a higher low around the 50%-61.8% retracement levels. This remains our primary scenario as long as Gold is below $1,833.

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