Gold Possible Drop After The Retracement

Gold is looking to continue further down although we could say that the pattern has been completed. 

The reaction in the POC zone will be important. If the market drops from the POC zone 1856-65 we should see a move down towards W H3 and W L3. 1837 is the first target. It needs to break in order for the price to proceed further down or it will bounce up. The final target is 1789. Gold is still bearish and I see this just as a sign of a retracement.

(Click on image to enlarge)

 

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