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Green lines- Fibonacci retracement levels
Gold price is trading around $1,787 as we approach the end of the trading week. Price has managed the recent weeks to climb towards the 38% Fibonacci retracement of the entire decline. The 38% retracement level is important resistance. The RSI has still not reached overbought levels and we believe that there is still room to the upside for Gold. However in the near term the chances for a rejection at the 38% retracement are high. Gold could very well turn lower towards $1,700 and form a higher low before continuing its up trend. Our most probable scenario would be for price to get rejected at the 38% retracement and pull back. So far there is no sign of such a pull back starting, however there are signs indicating that the short-term bullish momentum is weakening.
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