Friday, February 5, 2021 7:15 AM EDT
Gold is having a retracement in a downtrend. Yesterday, the price tanked making a fresh low and today we might see a sell-off in the 78.6-88.6 zone.
1812-1815 is the zone where Gold could possibly reject. We can also see trend lines adding to the confluence. A rejection of the 78.6-88.6 zone is looking possible. If it happens targets are 1808 followed by 1780 and 1766. Have in mind the NFP today so we should be seeing some volatility but generally, Gold is sold on rallies.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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