The gold fell on the 2nd trading day last week as it broke below the bottom of a minor range between 1640 and 1590.
However, a strong pullback occurred at 1560 which eventually send the price back to where it started at the end of the week.
Despite the prolonged pullback, we expect the price to continue falling this week as most sellers trapped at the bottom chasing after the falling trend should be wiped out mostly.
Trades can look to sell anywhere from the current price to 1630 but watch closely for more selling pressure.
A break below of 1606 will allows a stronger trend to continue and the first target is seen at 1585 to 1575.
However, a strong pullback occurred at 1560 which eventually send the price back to where it started at the end of the week.
Despite the prolonged pullback, we expect the price to continue falling this week as most sellers trapped at the bottom chasing after the falling trend should be wiped out mostly.
Trades can look to sell anywhere from the current price to 1630 but watch closely for more selling pressure.
A break below of 1606 will allows a stronger trend to continue and the first target is seen at 1585 to 1575.
