For weeks now we’ve seen Gold sellers push the market bearish to levels that haven’t been reached in months. Today we saw price reach level 1678.13 where it currently holds for support. In this post our analysts take a look at this price action .
We believe that this months close would prove to be a strong signal for sellers. This only possible if price ends as an engulfing candle on the monthly timeframe. We should expect the gold to break past level 1678.13 and continue plummeting bearish.
If price moves past this level then level 1548.00 will be exposed . Gold sellers could push price to this low or below in the next month. However, we remind you that level 1678.3 is a strong level and it was the previous support for the buyers.
The question is will we see buyers push the market up from this level or will Sellers continue dropping the market
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