Technically we have found similarities of the current sequence with the pattern during of mid to late January. As you see on the chart both the patterns as well as the actual candles are identical. In January once the price crossed below the 4H MA50, it found support within the 0.500 - 0.618 Fibonacci. We are currently close to that level and with the MA200 right below, treat this as a good medium term long opportunity. Our Target is the 1,595.50 Soft Resistance.
Recent trade on Gold:
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