FX.co ★ Gold: downside continuation below 1,662

XAU/USD New Downtrend!

The price of gold developed a strong downside movement after dropping below the uptrend line. Now, the downtrend line represents an upside obstacle. As long as it stays under it, Gold could drop deeper.

It was trading at 1,665 a the time of writing and it stands right above the 1,662 former low which stands as a downside obstacle.

Gold Trading Conclusion!

Dropping and stabilizing below 1,662 activates more declines and helps traders to sell again.