Daily chart:
Fall of gold continues after bears have broken the psychological support of $1800 for a troy ounce last week. Amplitude of decline is getting too big making us expect a start of correction no later than from the round level 1750.00.
H1-chart:
Local downward structure got a new low and a bullish pin-bar allowing gold to correct in direction of the closest high (1787.00-1790.00) at this moment, where sell-offs might resume.
Conclusions:
Main scenario: Upward pullback to 1787.00-1790.00, then extension of decline in direction 1750.00.
Alternative scenario: Drop in direction 1750.00 from current levels.
Trading recommendations:
Shorts from 1787.00-1790.00 to 1750.00.
