Gold- 500 pips target hit! Now what?

29. Sept. 2023

As you know, I was bearish Gold since Tuesday and argued that, if XauUsd breaks under 1915 zone support, we could assist a 500 pips drop.
The "major target for bears" was hit yesterday and now we may wonder what's next.
Technically, the structure is strongly bearish, however, considering the magnitude of the recent drop, a correction to the upside is probable. Also, the fact that is Friday adds to this possibility, considering a lot of take profits.
In conclusion, 1855 technical support could offer good buying opportunities for a rise and test of recently broken support at 1885.
Also, the congestion from 1875 could offer resistance.

Best of luck and happy trading!
Mihai Iacob

29. Sept. 2023

Anmerkung

Gold reached the short term congestion zone.
Is important to see what is doing now
A test of 1885 old support now resistance maybe?:)

29. Sept. 2023

Anmerkung

XauUsd is very weak again.
After the test of the recent short term congestion zone dropped again like a stone
1955 could fall next week and a new drop to 1820 zone could be next