A bearish sign emerged on gold price

Jul 6, 2021

Gold price strong rejection at 200 day exponential moving average as you can see in the chart. Gold price rallied during Asian and European Sessions but failed to sustain as USD bulls charged back early during the US session. Closing below 1800 is a bearish sign and more probability to retest 1750 level. If prices fail to stay above 1750$ we could probably go down to 16xx. However, if prices successfully break out the 200 day ema resistance then it will have a clear way attempt to break all time high. At the moment look for a short position with target below 1760 bu keeping break out zone in mind proper stop loss and risk management is advised. Good luck with your trades