Gold is bullish but watch for a drop below 1740

Nenad Kerkez Top-XE

The Gold is still bullish. However, the price is overbought and we could see a further drop towards W L3 and W L4 levels.

As we can see, Gold has made a lower low during the movement in the overbought zone. At this point we might see a drop towards lower levels. 1724 and 1708 are potential targets. If the price closes above 1757 we should see a continuation to the upside. 1724 is the weekly camarilla pivot and the strong support. Only below 1708 we should see a deeper retracement towards 1679.

The analysis has been done with the CAMMACD.Core System.

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Author

Nenad Kerkez

Top-XE

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