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Gold sideways and weak

TVC:GOLD   CFDs on Gold (US$ / OZ)
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Due to the decision of the FED to rise the interest rates the price of Gold fell. This decision has been expected but nevertheless it has had an impact on the price - just at the moment as it seemed to look better for Gold .
Unfortunately the price has broken the long resistance / support trend line ; very important for the future development (blue line). This is the falling trend line from the height in 2011. This must be broken up to install a new positive trend!

On the lower side the price rebounded on the ascending trend line , coming from the lows in 2015 / 2016. This is also an important support and shall not be broken at all.



Good news in this circumstance is, that the price has left the long descending channel to the side! And also good news is, that we´re entering the bullish season for Gold .

As long as Gold stays below the long descending trend line (blue) it will remain weak. For a new rally it has to break it up!
On the other hand it shall not break the support.

The indicators aren´t showing any strength at all. Hopefully Gold will stay in the green trend channel, regaining force and then making a new attempt to break the resistance.




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