GOLD is Bullish but Watch for a Drop Below 1740

Dear Traders,

The Gold is still bullish. However, the price is overbought and we could see a further drop towards W L3 and W L4 levels.

As we can see, Gold has made a lower low during the movement in the overbought zone. At this point we might see a drop towards lower levels. 1724 and 1708 are potential targets. If the price closes above 1757 we should see a continuation to the upside. 1724 is the weekly camarilla pivot and the strong support. Only below 1708 we should see a deeper retracement towards 1679.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

This article was originally posted on FX Empire

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