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Gold Thesis
Weekly: Gold has over extended to the upside and has stopped at $1532 rejecting off it and last weeks candle closed as a spinning top signalling a slow down in bullish momentum.
Daily: After bouncing off $1532 price is now selling...
Due to spx recovery we can notice that goldbugs are reducing their positions . Don't underistimate stock market plunge protection teams . Short here with tp1 at 1480 and depending on will it bounce on 50ma there or not i will decide what my next position will be. I think it's time to a healthy correction to 1420 region for Gold.
its bellow Bold Blue.
I see it going to Bold Red
The jag may twitch at thin green on its way down. If it finds that as resistance then it may rise past the thin green horn its has been moving in along Augst s far
Hello Traders, '
Today's chart will be an update on GOLD (US$/OZ) based on previous chart posted on 06/21/2019 ( Feel free to have a look!)
Points to consider here
- Inverse Head and Shoulders Valid
- Price broke multi year long resistance zone, now turned potential support
- Price has reached calculated target of this inverse head and shoulders ( Blue...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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