Gold touches target – analysis

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Gold price succeeded in achieving our awaited target at 1453.10, and bounced up to achieve some intraday gains, affected by the positivity of Stochastic, and it may take a new test of 1509.00 before returning to drop again.

SMA 50 continues to press negatively on the price, to continue to favor the overall bearish trend for the next period, whose objectives extend to 1400.00 then 1307.13 after exceeding the previous level, noting that a breakout of 1509.00 will push the price to achieve more intraday gains that reach 1543.35 then 1571.20 before any New attempt to drop.

The expected trading range for today is between 1400.00 support and 1520.00 resistance

Expected trend for today: bearish







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