In our last analysis when Gold price was trading at $1,994 we mentioned that aggressive traders could take advantage of a possible bearish setup. We saw signs of a possible short-term top at $2,015.
Green line -support
Blue rectangle- support
Green rectangle - target if support fails to hold
Gold price has pulled back from $2,015 to $1,982. Price has stopped the decline right at support. A possible short-term top at $2,015 will be confirmed if price breaks below short-term support at $1,980-82. Breaking below this level will most probably push Gold price towards the green rectangle target area. As long as price is above the green trend line support our bearish setup is in danger of getting canceled. Closing short position and reopening them if price breaks support is the preferred strategy now.
