Current price: 1980
Key point: 2010
Our preferred direction: selling positions below 2010 levels, targeting 1953 as the first target, then 1938 as the second target.
Alternative scenario: stop loss and change the trend by breaking the 2010 level while targeting the 2020 levels
Technical commentary
Gold continued its strong decline after the opening of last week, reaching levels of 2145, the highest peak in its history, and it began its downward journey from this peak at the beginning of last week.
Yesterday, the US Consumer Price Index, which measures inflation, was released positively, giving another impetus to gold's decline
Technically, the price has formed a harmonic pattern at historical resistance levels, so it is expected that this decline will continue to the levels of 1938-1953.
