Gold- On a verge of a break down
As we all know, CPI data triggered a massive sell off for Gold and after finding some kind of support yesterday, XauUsd has spent all day in a tight range.
The short-term 1700 support is broken now and at the time of writing the price is hovering just above the important 1690 support.
Sellers seem to be in total control at this moment and I expect also a break under this level.
Rallies above 1700 should be well capped now and in that zone, traders should look for a bearish signal to join the trend.
This scenario is valid as long as the price stays under 1725.
The short-term 1700 support is broken now and at the time of writing the price is hovering just above the important 1690 support.
Sellers seem to be in total control at this moment and I expect also a break under this level.
Rallies above 1700 should be well capped now and in that zone, traders should look for a bearish signal to join the trend.
This scenario is valid as long as the price stays under 1725.
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t.me/intradaytradingsignals
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