Tickmill
Short

Gold remaining under bearish pressure for a potential reversal!

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             has continues to test major resistance at 1332 (76.4% Fibonacci retracement , 61.8% Fibonacci extension , horizontal overlap resistance). An ascending support line continues to push price against this major resistance causing it to squeeze. A major move in either direction tends to happen in such situations. If price breaks below our ascending support line, this could trigger a strong drop towards 1294 before 1272 (38.2% and 61.8% Fibonacci retracements correspondingly).

Stochastic (55,5,3) is seeing major resistance below 99% where a reversal could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
time to reverse? (accoriding to your graph)
big day today?
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Bond market bubble coming to light. Overvalued stock market. Gold remains a safe asset and can easily push over $1,400.
+1 Reply
giuseppe.grande BankofEngland
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Awesome advice!!! thank you
+1 Reply
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