Gold Analysis: Potential Price Drop Ahead
Last week, the currency pair EUR/USD rebounded from the level of 1.1000. Currently, the asset is approaching the supporting zone formed between levels 1.0670 and 1.0640. The price of this asset is likely to rebound from this zone and rise. The recent trend can be considered a mere correction from the achieved maximum points.
The OPEC+ decision did not affect the price of oil. It broke the supporting level of 77.00 and dropped. The asset might gain the required support at the level of 71.50 soon. However, at this point, it would be wise to follow the candlestick formations to forecast the next price movement. Should the asset’s price manage to break the support, it might dive even deeper. So, let’s observe what is going to happen next.
The price of gold renewed its historical maximums and quickly dived below the broken level of 2085, forming a bullish trap. At that point, the price of the asset has formed a fine and rather large engulfing. So, the asset might potentially rebound to the level of 2085, pull back, and drop.
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