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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This analysis is provided as general market commentary and does not constitute investment advice.
time to reverse? (accoriding to your graph)
big day today?
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
Awesome advice!!! thank you
+1 Reply
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