Gold is currently testing the upper limit of its short-term bearish channel in 1833 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its medium-term bullish channel to 1870.
Thread: Gold
Gold is currently testing the upper limit of its short-term bearish channel in 1833 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its medium-term bullish channel to 1870.
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Revised second-quarter GDP readings from Japan and the Euro Zone are expected to add to the pile of evidence pointing to increasingly anemic performance across the world’s leading growth engines.
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Thu's rebound and a bullish candle above 1702.44, close to a 50% of the Jul-Aug advance and the former 2.5yr bull chnnl resist (now serving as a supp), favours a recovery twds 1853.60+. 1757.01 should limit dips.
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It is more likely to go down to around 1852 or lower, and after that, it might have potentially to go up to around 1880 AND 1902
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Break above 1912 area should target 1950 as next resistance, while break below 1840 could bring gold lower to test 1802 region.
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Gold is positioned to rise in the week ahead as jittery financial markets continue to fret about the pace of economic growth, driving safe haven demand for the yellow metal, while building expectations of another round of Federal Reserve stimulus compound upward pressure as investors look for alternative stores of value
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If a M15 close above 1912 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1860 sell only and do not buy. If price closes back above it again do nothing
The range 1912 and 1860 is neutral area, any trade done in between is personal decision and not part of this analysis
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Gold and silver started September with light falls, but they have already changed direction and started the day rising. it have big resistance at 1912
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If a M15 close above 1833 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1821 sell only and do not buy. If price closes back above it again do nothing
The range 1833 and 1821 is neutral area, any trade done in between is personal decision and not part of this analysis
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A lower high is now sought to compliment last week's huge downside reversal. Marginally broke above the 61.8% retrace to indicate a pause in the latest relief rally. Below 1783.20 triggers 1757.01; above 1867.97 defers.
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