Spot gold continue to drop... downside bias

Asian market time Spot gold has dropped to below $540 to a day low around $535. Counted from the monthly top $574, Gold adjustment has been about $40, which is about 7% already. It is a normal adjustment as TA shows a serious overbought. Smart investors started to take profit and the adjustment begins.

Now gold price rise steadily and reached $546 now, which has lift the price up by $10 from the morning market. Seems that investors think the gold has taken enough rest and its time to pick up the bull again.

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