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Gold price broke down yesterday and is already at our first target area of $1,800. If Gold price makes an equal decline similar to the $1,9650-$1,850 move, then we should expect $1,874 to be seen this week.
Green rectangle- support (broken) now resistance
Gold price is moving lower in a sharp decline as expected. Our next target is at $1,874, The RSI is in oversold territory and although we expect price to continue lower, it is not preferred to open new short positions currently. We have warned bulls several times before that a break below $1,850 would open the way for a move towards $1,800 at least and most probably below it. Longer-term support is found at $1,700-$1,680. It is too soon to tell if we will test this area. Another price level of importance is at $1,725 where we find the 38% Fibonacci retracement of the entire rise from August lows.
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