Thu, Aug 18, 2022 @ 16:08 GMT
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Gold breaks down again on Dollar strength

Gold’s decline resumes today on broad based Dollar strength. Next target is 61.8% projection of 1998.23 to 1786.65 from 1878.92 at 1748.16. Outlook will stay bearish as long as 1814.06 minor resistance holds, in case of recovery.

Fall from 2070.06 is seen as the third leg of the corrective pattern from 2074.84 (2020 high). Based on current structure, while break of 1748.16 cannot be ruled out, downside should be contained above 1682.60 support (38.2% retracement of 1046.27 to 2074.84 at 1681.92).

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