Welcome to this week’s newsletter!
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GOLD- KEY LEVELS
In this week’s newsletter we are going to look at Gold, as price approaches a major swing level.
Gold has recently been falling in line with the USD strength we have witnessed in the markets, but will this continue or will the price of Gold start to rise again?
Let us look at the weekly chart.
When the market is in this phase, we need to identify major swing levels where the price could find support which the $1680 price offers.
You can see at this zone the market has found resistance and support in the past making it an ideal to use as a support level again.
Going down into the daily chart we can see that the price is currently finding support at the current swing lows. We could see buyers re-enter here however it is not in our most ideal area to buy from. But if the Daily timeframe forms a higher high buyers could step back in.
Currently sentiment indicators suggest the retail traders are heavily long gold suggesting that price could move lower.
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