Mihai_Iacob

Gold could drop under 2300

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my written and video comments from last week, I mentioned that I expected gold to drop in a new downward leg and indicated the 2350-2360 range as the sell zone.
Indeed, after touching this zone twice, the price dropped and closed the week near the 2325 support level.

This week's opening saw a drop below this support, and at the time of writing, gold is trading at 2318.
I anticipate further downside movement and a drop below the important 2300 level.

My target is the 2285 support zone.

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