Gold breaks below the $1850 support level

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Gold breaks below the $1850 support levelGold finally broke below the support level at $1,850 at the start of the week. We were not surprised by this price action as we thought that this would be the most likely outcome as mentioned in the previous analysis. The gold price continued to trade below the $1,900 level, and this made us continue to expect the breach towards $1,775 and activate the AB=CD pattern. But the only obstacle was the $1850 support level, which has now become resistance.

We now see gold trading near $1,827 and we expect this bearish move to continue towards $1,800 and a breakout to take the price towards $1,750. The trend remains to the downside as long as the price is below $1900. Bulls need to see a close above 1865 first, hoping to move towards $1900. While all indicators on the daily chart are confirming the downtrend and rejection at $1900. The price of gold is expected to come under pressure at least this week.

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