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10.10.201915:17 Forex Analysis & Reviews: Gold gets rejected at major short-term resistance

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Gold price approached the important resistance level of $1,520 today but got rejected. Price is challenging the $1,500 level now and a break below $1,490 will increase the chances of moving towards $1,460 or lower.

Black line - resistance trend line

Gold price approached the 76.8% Fibonacci retracement and the black trend line resistance. Price shows rejection signs. Confirmation of the rejection will come with the break below $1,490. This will open the way for another move lower towards $1,460-$1,400. If however bulls make a come back and break above $1,525-30, we should expect Gold price to at least reach $1,560-70.

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