Gold dropped below key support level at $1150 and for now we are looking at the next support target near $980. Historical support level for gold is $1180 which was broken as well and the price to continue falling towards the next support level at $980.
It was in March 2015 when gold fell below $1180 and traders waited for a further fall but price rebounded. And for now, the gold has fallen below $1180 and the next target for now is $980.
By the way, the gold price moved sideways for two years starting in June 2015. And between June 2013 June and January 2015 the sideways movement was below the long-term trend line with the primary bearish condition.
The bearish features on the gold chart showed that there is a good probability for the gold to break $1150 support and a continuation of the downtrend towards $980.
Credit: mql5.com
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