Long Term Forecast on Gold.

The price of Gold dropped to its lowest level today since beginning of August, reaching as low as 1447. The precious metal has reached a technically important 1450 level. I personally think Gold is still Bullish in the long-term. Technically, there is still the possibility for further drop on Gold, but if price close today above 1455, this would create a potential false breakdown reversal pattern on D1 Timeframe. I think there is a decent chance of this happening since the bears have hit their main downside objective at 1450. If this turns out to be the case, then we could see some gains in the coming days, at least towards the next potential resistance at 1480 level. We have to see that reversal candle first (very important). A close break above 1460 would help create bullish-looking hammer candle on the daily chart.