In our previous update on Gold, we had called for a low at 1483 and a test higher. Price went higher but failed to test our target of 1519.50. Price reached a high of 1516.05 and has since declined.
Price has dropped below 1500 support and could be heading back to 1483, which was its previous low. Stochastic is still declining and MACD is also declining but MACD is still bullish.
The decline could be part of a bigger sideways consolidation or it could be the start of a bigger decline. The decision will be based on the reaction of price at 1483.
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