Gold is Ready for a Fresh Drop

Gold is very bearish. The price should retrace to the POC zone and start a fresh move down.

[fx-forecasts-cta instrument=gold broker=etoro link=https://ad.doubleclick.net/ddm/clk/483365997;289793667;u disclaimer=75%_of_retail_CFD_investors_lose_money]

The POC zone 1742-50 is the important zone where we can expect fresh sellers. If the market retraces back there, we might expect a fresh move down. Targets are 1708 and 1692. Further continuation down will lead the price to retest 1661. As long as 1776 holds, gold bears are safe. Selling on rallies is the way to go now until proven otherwise.

[fx-image src=/2021/03/word-image-438.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/03/word-image-438.png originalWidth=2500 ratio=1.96]

For a look at all of todays economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

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