Gold Sudden Drop Provides Opportunity
Gold dropped hard today, and the metal is starting to look attractive again with supports just below. Last month we talked up gold in Gold Breakout of Bullish Wedge.
Gold is hitting resistance that is likely to cool off this advance soon. While some limited gains in Gold are possible in coming days, it may be a good spot to sit back, enjoy the recent profits, and wait for a better entry.
Gold hit resistance levels and today declined in a dramatic fashion. Gold will likely rebound somewhat first, but could settle moderately lower in coming days and test near the support levels as shown. Notice that the up trend for Gold remains intact.
Gold is becoming attractive again, and the next major move could take it up to $2,050.
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