A certain rubicon is reached. Corrective downswing is fully formed. On top of this gold is testing an important psychological support zone 1690.71-1702.58. This speaks for probable upward reversal (black arrow).
However we can’t ignore a tangible lower high as well as a break of 8-day EMA combined with the absence of any direct long setup at the tip of corrective movement. This keeps a high probability of decline extension in direction of the closest low (1659.45, red arrow).
Probably the closing price of today’s bar will clarify the situation.
So, we expect a pullback to 1709.00-1710.00 and then continuation of pressure on the support level 1690.00.
Longs to 1709.00-1710.00.
Shorts from 1709.00-1710.00 to 1690.00.
+$500 FOR TRADING Trade and receive real money for each 10th completed lot USE THE BONUS AND GET THE FOLLOWING BENEFITS: Unlimited withdrawal Compatible with Megaprotect and Deposit Bonus Available for cents and swap-free accounts HOW TO GET BONUS? To have a valid trading account To maintain the minimum account balance of 100 USD Keep trading and receive […]
We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]