The ounce of gold has been evolving for several weeks in a fairly clear downtrend with bearish moving averages at 7 and 20 sessions. Despite a bounce back towards $1,620, prices went finally rapidly back to being bearish and a test of the major support at $1,530 seems to be emerging. Investors may therefore be bearish and aim this target with a stop loss above the last high at $1,620.
Direction: Down
Entry: $1,575
Stop-Loss: $1,630
Take-Profit: $1,535
