A lot depends on the Fed meeting this week, where a significant increase in the interest rate and acceleration in the pace of monetary policy tightening could happen. Most likely, the decisions will strengthen the bullish trend in dollar, which, in turn, will negatively affect gold.
The yellow metal already closed with a pin bar last week, confirming its bearish trend.
If the sell-offs continue, gold will most definitely drop to $1,675.
The best move in that situation is to take long positions with fixed stop losses, or to pay attention to the trend and, if there are intraday signals, take a short position.
These plans are based on the Price Action and Stop Hunting strategies.
Good luck and have a nice day!
