FX.co ★ XAU/USD, GOLD

Of course, it should be noted that GOLD also significantly dropped in the end, and we can again talk about a downward movement. It was clear that a serious price action was expected after such accumulation in the area of 4700, which was the day before the collapse. On the one hand, there is nothing surprising about such a decline. On the other hand, I did not expect such a serious drop. We not only went below 4637, settled below 4600, but also reached 4510. Therefore, we can already talk about a level around 4500. It turns out that there is room for further decline, and the short initiative has not disappeared anywhere. But of course, a significant pullback is needed, and if we climb back above 4637 and especially 4667, I will try to sell there.