Having fallen sharply from $1,299 per ounce, the price of
the precious metal currently finds support at $1,213.54 per ounce.
Monday’s candle formation (inverted hammer) signals an early
reversal in trend towards $1,234 per ounce
Gold daily timeframe
Going forward, the overall bias remains bearish due to
breach of the intermediate upward sloping trendline.
Expectation:
Price of gold is expected to correct to test the trendline
for a renewed downward movement, on the other hand, a break below @1,213.54
would result to a steep downward movement towards $1200 and then look to test
the major upward sloping trendline.
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