As we mentioned in our last analysis, Gold price was expected to start the week under pressure after the bearish signal it provided on Friday by breaking below $1,850 and breaking out of the trading range.
Green lines -Fibonacci retracement
Our first short-term pull back target remains at $1,830 where we find the 38% Fibonacci retracement of the rise from $1,758. Price has formed a bearish channel while price makes lower lows and lower highs. Gold price has potential for more downside as long as price is below $1,860.
