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Gold price remains under pressure making new lower lows. In a previous analysis back in early November we warned traders that Gold price was still vulnerable to a decline towards $1,750 and confirmation would come with a break below $1,850.
Gold price has broken below the weekly tenkan-sen and kijun-sen indicators. This price action implies that a test of cloud support and 38% Fibonacci retracement is in the cards. Price should continue lower towards $1,725-50 area where we find the first important support area. Gold price might bounce but we continue to expect lower prices. Longer-term is still considered bullish as price is above the weekly Kumo (cloud).InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.