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17.06.201910:07 Forex Analysis & Reviews: Gold under pressure

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Gold price as we explained in our last post made a bearish reversal candlestick pattern on Friday implying more downside to come. The start of the week finds Gold price lower. What traders should look out for?

Exchange Rates 17.06.2019 analysis

Blue line - major resistance

Green line - important support

Gold price got rejected and made a shooting star bearish reversal candlestick pattern on Friday. Resistance at $1,350-60 area remains strong and very important. The inability to break it and close around $1,340 on Friday while the high of the day was near $1,360, was a very bearish sign. We warned bulls that more downside should come. Price is falling further and we will not be surprised if price falls towards $1,320 or lower. Short-term support is found at $1,320. If broken we should see Gold price move to $1,300. Holding above the green trend line support is very crucial for the medium-term trend. A higher low around $1,300-$1,310 would be something bulls want to see. On the other hand bears want to break below $1,300 and stay below it. In the short-term we remain bearish looking for more downside in Gold prices this week.

Alexandros Yfantis
Analytical expert of InstaForex
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