FX.co ★ Gold prepares to plunge

Hello, dear traders! Here is my technicals analysis of gold.

Yesterday, the quote again fell to the 1,784 mark. The price dropped to this level two times this week. Two weeks ago, the asset was trading at 1,784 as well. In the middle of August, it remained at this level for a week. Generally speaking, bears are putting pressure on the 1,780 level, forcing buyers to set their stop-loss orders behind this mark because they have no other option.

Against this backdrop, gold is expected to break the 1,780 mark and plunge to 1,675:

Technical analysis is based on Price Action and Stop Hunt strategies. Good luck in trading and do not forget to manage your risks!