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.
USD/JPY: 21 MA acted as resistance
The 21 Moving Average has acted as resistance, so the price is declining. The main bearish target is the lower "Window". If a pullback from this level happens, we could have an upward correction afterwards.
There's a bullish "Hammer", so there's an opportunity to have a local upward correction. Meanwhile, if a pullback from the Moving Averages happens little later on, bears will probably try to deliver a new local low.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.