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Gold price continued to move lower below the short-term and weekly support level of of $1,130. The rejection at $1,170 is a bearish sign, but bulls still have some hopes to bounce from the current levels. The weekly close will be very important regarding the medium- and short-term trend.
Gold price is testing the Ichimoku cloud and the 61.8% Fibonacci retracement in the 4-hour chart. The price has pulled back towards the consolidation, which was taking place during the perion from August 11 to August 13. This is a support area. I believe it is more probable to see a bounce from the current levels.
In the weekly chart, we saw gold price get rejected at the weekly 61.8% Fibonacci level. The price is seen below the weekly tenkan-sen indicator and a weekly close below this level will be bearish for the next weeks. A weekly close above the tenkan-sen will be considered as a back test that will put $1,170 resistance to the test.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.