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Now we can see that Gold is in a slight downtrend on the 4H chart which has already pushed it down into our support area and bounced slightly, what we can see happening is bears pushing price down into this zone again for a retest of support...
The Gold analysis is done using the best working " LongBuyLongSellIndicator" script .
I am very much convinced that the Gold price touched the peak here 1440 (recent peak) and now trading in the sideways.
The price may again go up to 1420 but this wont sustain in the same level.
As per the LongBuyLongSellIndicator 6hour time frame the price fall is about to...
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We are looking at Gold this afternoon which is looking setup for a move back towards 1440 area with multiple support levels coming into play.
As we have highlighted with our trading view chart we have two strands of an ascending support line from the 17th which has been tested on 3 occasions leading to higher lows pattern being formed. Off...
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 16.20, 17.20, 18.10 and more heights is expected.
The dollar was hit dramatically overnight, after comments from NY Federal Reserve President John Williams who hinted that lower rates and more aggressive cuts could come soon. Despite the later NY Fed attempts to temper the remarks, the greenback remained under pressure and trimmed loses only partially.
Against this backdrop, gold prices jumped to six-year highs...