See also
Price is facing bullish pressure as it continues to hold above the moving average support. We could potentially see further upside above 1st support, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap support, towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance.
Trading Recommendation
Entry: 1.25115
Reason for Entry:
50% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap support
Take Profit: 1.25905
Reason for Take Profit:
61.8% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.24490
Reason for Stop Loss:
78.6% Fibonacci retracement and horizontal swing low support
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Early in the American session, gold is trading around 3,220, showing signs of exhaustion. A further technical correction toward the 21SMA is likely in the coming hours
Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
With the appearance of Divergence between the price movement of the EUR/JPY cross currency pair with the Stochastic Oscillator indicator also followed by the presence of the Bullish 123 pattern
On the 4-hour chart, the GBP/AUD cross currency pair appears to be moving below its EMA (21) and the Stochastic Oscillator indicator is in a Crossing SELL condition
Our trading plan for the coming hours is to sell gold below 3,224, with targets at 3,203 and 3,156. We should be alert to any technical rebound, as the outlook
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