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: market to test the closest support
The 89 Moving Average has acted as support, so there's a 'Tweezers' pattern. In this case, the pair is likely going to test the nearest resistance area, which could be a departure point for another decline.
There's a bearish 'Tower' pattern, so the market is likely going to test the closest support. Meanwhile, if a pullback from this area happens, bulls will probably try to deliver a new local high.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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