The long term gold trend has turned from bullish into correction because it has been sold off from 2070-2075 to 1936-1940. The cash of gold price is the result of a strong US Dollar. In the last 2-3 weeks, the U.S Dollar is bullish because it is in high demand high demand and the hawkish Fed policy is to continue fighting inflation.
The 1935-1940 and 1920-1925 are strong support zones of the long term gold trend. If gold is not able to break these zones to drop top 1890-1900. Gold will go up to retest the 1983-1985 or 2000-2005.
Gold has failed to go up several times after the U.S has failed to break a debt ceiling deal because gold investors and traders are expecting that the U.S will finally pass a deal to save US economy and reputation.
Gold price is expected to go up or down following the Fed policy and Fed officials comments on inflation. It is ignoring U.S debt ceiling news. God short term trend has tested the 1935-1940 several times but it has not broken this zone yet.
The 1935-1940 is the key zone to watch for gold long term trend correction to 1920-1920 or 1900-1905. Without breaking the 1935-1940, gold will end its correction and a new short term down trend will be formed.
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