After G20 meeting and outcomes related to pause of trade war between US and China brings Dollar index to cool down from High level. Technically Gold future continuous contract breakout from falling wedge pattern and to consider this breakout and price forecast it can rise up to $1261-$1266. Now $1222-$1224 act as support.
After the massive drop caused by the appreciation of the US Dollar on Tuesday, the yellow metal's price traded sideways between two pivot point levels. However, it was about to continue the decline. The reasons for such hypothesis are two. First is the fact that the metal has fully confirmed the breaking of the previous dominant channel up pattern. Second is the...
XAU/USD forms junior channel down During the early hours of new trading session the yellow metal continued to lose value against the buck in a junior descending channel. Basically, the consolidation period might last until the exchange rate will hit the support line of a four-week long ascending channel. A deep plunge below that barrier seems unlikely due to...
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