Gold reaches the first target at 1800 dollars, what next?

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Gold reaches the first target at 1800 dollars, what next?

The price of gold fell yesterday and already tested the first target area at $1800. If gold is trying to par with the 1965-1850 move, we should expect to see $1,774 this week which is also the target of the AB=CD pattern activated since the break below $1850.

While the price of gold is still bearish at the moment, the price corrects to the maximum level until the level of 1825 dollars. Our next target for the drop is $1,775, but the RSI is in oversold territory and although we expect the price to continue lower, it is not desirable to open new short positions at the moment. You can see long-term support at $1700-$1680. It's too early to tell whether or not we'll test this range. Another important price level is $1,725 where we find the 38% Fibonacci retracement of the entire rally from the August lows.

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