Gold 10.11.2019 – First downward target has been met, more downside yet to come

Gold has been trading lower exactly what I expected yesterday. The price did test and broke low my first downward target at the level of 1,485. I do expect more downside and potential test of 1.460.

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Parallel downward slopping lines – Downward channel

Yellow rectangle – Important support level and objective

Purple falling line – Expected path

MACD is showing new momentum down on the recent drop, which is sign that sellers are in control and that buying looks very risky. For selling opportunities, watch for potential bear flag on hourly or 4H-time frame to time your entry better. Next downward target is set at the price of 1.459.

The material has been provided by InstaForex Company – www.instaforex.com