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Gold price has tested the short-term resistance at $1,575-$1,580 and now it shows rejection signs. Price is reversing at important Fibonacci and cloud resistance area.
Gold price has so far been rejected at the 4 hour Kumo (cloud) and at the 61.8% Fibonacci retracement level. These two rejections are a bearish sign. Price is turning back down below the cloud and if the kijun-sen (yellow line indicator) does not hold, then we have confirmation of the bearish short-term reversal.The ABCD pattern if it plays out will push Gold price towards $1,530-40 at least. If price stays below $1,575-80 recent highs, then the chances of moving lower are high.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.