Gold 07.09.2019 – Potential retracement before new wave down

Trading 09 juil 2019 Donner votre avis

The Gold did test and reject of the swing low at $1.386 and major low at $1.381 was missed by few ticks, which is sign for me that got temporally exhausted there. Short-term trend is still bearish and I would watch for selling opportunities on the rallies.

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The focus now shifts to FOMC meeting minutes tomorrow. Seems like the market is awaiting new information's before the next directional move .On the daily time-frame I found that there is bear cross on the Stochastic and MACD, which represents short-term downtrend. Fibonacci expansion target is set at the price of $1380 (FE 100%) and then $1.346 (FE 161.8%). The 4H time-frame is showing possibility that Gold may retrace a bit before potential new wave down. The good resistance level is set at the price of $1.405-$1.410 (Fibonacci confluence). As long as the Gold is trading below the $1.410, I would watch for selling opportunities.

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