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Gold price remains above the support area of $1,117 and has not broken down yet. This increases chances of a bounce. If support fails to protect metal from falling further, we should expect a push below $1,100 to be seen.
Gold price is trading below the Ichimoku cloud. A trend is bearish as we reacheda a lower high at $1,150. Short-term resistance is seen at $1,130 while support, as I said before, is found at $1,117. A break above a highof $1,150 will probably push the price to the area above $1,180.
The weekly chart remains bearish as the price is below the weekly tenkan-sen (red indicator). Bulls need to push price higher from the current levels. As $1,115-$1,117 is important short- and medium-term support, so a bounce should be expected from the current levels. The rejection at 61.8% retracement is also important resistance and I believe it will be tested.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.