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Gold's price has made a strong reversal since yesterday when price spiked to $1,973. Gold is currently trading below $1,900. Was yesterday's spike a trap? Gold price is now challenging key cloud support and if broken we should expect a bigger reversal.
Gold price continues to trade above the Kumo (cloud) in the 4 hour chart. At $1,886 we find the upper boundary of the cloud support. On a daily basis the key support is at $1,876. At $1,867 we find the lower boundary of the cloud. Bulls do not want to see price break below that level. Concluding, Gold is now challenging an area between $1,886-68 which is important support both in the 4 hour chart and in the Daily chart. On a weekly basis the candlestick pattern is also bearish. If the week ends with such a candlestick, I will be expecting the selling pressure to continue next week and bring Gold price even lower.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.
