Gold is about to choose direction

Gold is about to choose direction

Trade ideas

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.

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Similar

EUR/CHF: the final target

Although EUR/CHF has already made a big leap to the downside, the weekly chart shows that the decline looks unfinished.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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