The price of gold has rebounded to $ 1350 as we expected after breaking above $ 1,325. The price has reached 50% retracement of the decline from $ 1375 and is expected to invest lower back to new lows below $ 1,310.
Red line – resistance trend line (broken)
The price of gold has rebounded to the upper limit of the cloud on the 4 hour chart and has dropped 50% fall. Price bounced just above the 38% Fibonacci retracement from $ 1.200 to $ 1.375. The reversal is expected now. Price Could Move a Little Closer to $ 1.350, but overall I think Should we expect to move to $ 1.270 next.
The blue lines – bullish channel
The gold price remains within the bullish channel above support and cloud on the 4 hour chart. Support is at $ 1,310 and if broken we should expect a move to at least $ 1.290 to 80. An exit outside and below the channel confirm the top is in a great correction and to $ 1,250- $ 1.180 has begun.
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