We are currently witnessing a bounce back from the ounce of gold which stayed in a bearish trend the last few days. Investors should take advantage of this movement to sell gold while getting close to the $ 1,600 psychological threshold which is also the moving average at 7 sessions. In this context, the hypothesis of a new bearish momentum towards the major support at $ 1530 is favored.
Direction: Sell
Entry: $1,593.50
Stop-Loss: $1,630
Take-Profit: $1,540
