Gold Spot (XAU) Breaks Below Important Support

Today we are witnessing a decisive break of Gold (XAUUSD) below support in the form of MA200.

This can lead to even lower prices.

The indicators we use are also strongly bearish...

One indicator that is in favor of gold is the daily volume.

We have low volume on the drop, which can signal that this move might not continue for too long or that the real drop is yet to start.

Conditions for change

XAUUSD moving and closing above MA200 ($1798) invalidates this analysis.

Namaste.