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Gold price bounced as expected towards $1,260. We are currently being rejected by the Kumo (cloud) and this is what we initially expected. This could be a nice opportunity to sell Gold for a move down to $1,200.
Gold price is trading below the 4-hour Kumo (cloud). Trend remains bearish. This bounce was expected and we also reached our target area. Maybe this is the time to go short Gold for a move towards $1,200. Support is at $1,250 and at $1,244. A break below these levels will confirm my bearish short-term view. Resistance is at $1,260.On a daily basis, Gold price has reached the daily tenkan-sen (Red line indicator) and is showing rejection signs. The bullish reversal candle we mentioned worked nicely and gave us a nice almost 20$ move to the upside. Gold is testing resistance now. Bulls need to be cautious because the rejection here will push price towards $1,200. At $1,200-$1,180 we might see a major low being formed.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.