FX.co ★ Gold price lost $1,800 support

Gold price is trading below $1,800. Price made a low today at $1,784. In all our previous posts we warned bulls that $1,850 should be recaptured as this was a key pivot level. Staying below it would be a bearish sign. All of our analysis both technical and using Ichimoku cloud indicator showed Golds vulnerability and tendency to fall.

Gold price finally broke out and below the trading range it was. Price is making new lower lows and lower highs. Having broken below recent low at $1,809, makes us expect more selling pressures on Gold. So far any bounce is considered a selling opportunity.