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: Moving Averages acted as resistance
There's a 'V-Bottom', so the price is testing the 89 Moving Average. The main intraday target is the next resistance at 1.2372 - 1.2387. If a pullback from this area happens little later on, there'll be a moment for another decline.
The Moving Averages acted as resistance, so the market is likely going to test the nearest support at 1.2294 - 1.2285. A pullback from these levels could be a departure point for an upward price movement in the direction of the closest resistance at 1.2359 - 1.2372.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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