Trader, analyst and instructor with a 6-year experience

Gold to recover to $1320.5

By Felipe Erazo

GOLD is in a corrective phase, as this instrument has had a sharp decline from the level of 1339.00, so far, the GOLD is trying to consolidate below the level of 1310.99, with the formation a higher low pattern. However, the GOLD is very likely to make a rebound at current levels and up to at least the level of 1320.50.

Remember that the GOLD is near the 500 EMA (red line), which could serve as dynamic support in this instrument, so eventually, the GOLD could perform a bullish rebound above that level. The CCI indicator is below the -100 level.

Trading recommendations: While the GOLD remains in this corrective phase, we don’t recommend to put new orders, until we could see more clear patterns in this instrument.

График. H4 GBP/JPY

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