Gold Pathway Analysis
Gold was one of the most oversold and have seen a very sharp $50 rally overnight back to $1900 as the FED calmed fears by taking 0.75% rate hikes off the table.
We are quickly coming up to the $1900-$1910 key resistance which if we can break will take some of the downside pressure off the buyers. This key resistance also lines up with the 38% retracement and so should be hard to break without a major USD sell on the first attempt.
If sellers retake control then it gets very dangerous on the buyside as we have just had the correction.
But the pullbacks should be small and not go below $1880 if we are going smoothly higher.
If we have a standard short squeeze though then 2-3 days long and higher lows on 4 hours chart.
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We are quickly coming up to the $1900-$1910 key resistance which if we can break will take some of the downside pressure off the buyers. This key resistance also lines up with the 38% retracement and so should be hard to break without a major USD sell on the first attempt.
If sellers retake control then it gets very dangerous on the buyside as we have just had the correction.
But the pullbacks should be small and not go below $1880 if we are going smoothly higher.
If we have a standard short squeeze though then 2-3 days long and higher lows on 4 hours chart.
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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