Gold Pulls Back on Profit-Taking, Bulls Defend the $4000 Level

Gold Pulls Back on Profit-Taking, Bulls Defend the $4000 Level

Yesterday, gold faced a quick sell-off, likely triggered by the profit-taking of large institutions (manipulators), and corrected by almost 8.6%.

Considering that this move was created without news, it is a clear sign of manipulation. We cannot consider overbought conditions, as they have been in this state for 2 years.

The lower low was created near 4000, where the price found the bulls well-positioned near that psychological price zone.
Gold remains bullish and could rise again as shown in the chart.

It will break the 4000 level only if a larger manipulation unfolds again today or during the next week.

The price should rise again with targets at 4190; 4250; 4300 and 4350.


You may find more details in the chart!
Thank you and Good Luck!

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