Gold could continue down and drop under 2k

In yesterday's post, I said there's a good chance XAUUSD might go below the important 2020 support level. If that happens, we could see a change in the medium-term trend. Bears were in control all day and managed to break that level, hitting a low of 2002.

Technically, breaking the upward trend line, smashing through horizontal support, and setting a new low for the year suggests XauUsd might keep going down, with 1980 as the likely next stopping point.

The bearish scenario is negated by a break back above yesterday's high

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N.Y open updated.
Gold reversed EXACTLY from the zone highlighted in the morning analysis