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Gold expects reverse Lowe

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.

 

Gold Expected To Reverse Lower

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.

Red line - trend line resistance (broken)

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.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June will be contained herein have not been based on consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any activity purchase or sale of any value or any other instrument should be based on its own analysis and conclusions.

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