USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Gold is about to choose direction
SELL at 1233; TP1 1229; TP2 1224; SL 1235
BUY at 1245; TP 1250; SL 1243
The price reached the target of the buy trade we recommended on Monday, and now it’s time to reevaluate the situation.
Gold seems once again intimidated by the resistance of 200-week MA (1233.70) and 38.2% Fibo (1238.50). A break above October high at 1243.35 is needed to bring the precious metal to the declining 200-day MA at 1251. On the other hand, a decline below yesterday’s low at 1233 will open the way down.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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