Gold was sold off from 1725 to 1763 last week because the US Long Term Interest Rate has gone up. The last week’s heavily sold-off is generating gold sell signals.
Gold tested the 1763-1765 and it is making a bounce around to the 1791-1793. Gold may go up to 1798-1803 if gold can break the 1791-1793 zone during today’s Feb 22 London Gold Trading session.
Gold short term trend is up but its medium term trend is down. Gold will drop to test the 1763-1765 zone again if gold is sold off around 1791-1793 or 1803-1805
If gold cannot break the 1791-1793, gold will be sold off and the short term trend will be bearish.
Gold Resistant Zones: 1791-1793, 1803-1805, 1819-1821
Gold Support Zones: 1773-1775, 1763-1765
Would you like to trade gold like a Pro? Please Click Here to learn how to make $16,000 profit in 4 months