Gold plunges $73 from $2686 to $2613: Where Next?
Rising dollar keeps hammering gold's safe haven demand despite looming geo political concerns as Trump effect dominates markets.
A $73 intraday drop from day high of $2686 pushed the yellow metal to $2613
The low comes in close proximity to swing low $2602
If bulls succeed in reclaiming stability above this low, next resistance comes at $2650
Recovery above $2650 will increase the chances of extension towards $2675-$2685-$2697
Failing to reclaim $2650 will indicate bearish domination extending correction towards $2602 which if fails to hold, expect further decline towards $2560-$2535
Note: This is a price action study, not meant to be a trading advice.
A $73 intraday drop from day high of $2686 pushed the yellow metal to $2613
The low comes in close proximity to swing low $2602
If bulls succeed in reclaiming stability above this low, next resistance comes at $2650
Recovery above $2650 will increase the chances of extension towards $2675-$2685-$2697
Failing to reclaim $2650 will indicate bearish domination extending correction towards $2602 which if fails to hold, expect further decline towards $2560-$2535
Note: This is a price action study, not meant to be a trading advice.
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