Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
EUR/USD: 'Flag' pattern led to decline
The main trend is still bearish. There's a 'Flag' pattern, so the price is declining. It's likely that the market is going to test the nearest support area at 1.1478 - 1.1444, which could be a starting point for an upward correction.
The last 'Flag' pattern led to the current decline. However, we could have a local upward correction in the coming hours. Even so, bears are likely going to reach the next support at 1.1478 - 1.1444 little later on.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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