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Gold- Upward Bias Building Up

Published 11/18/2015, 05:00 AM
Updated 02/02/2022, 05:40 AM

The yellow metal has formed a double bottom on a 30 minute time frame. The pattern will be confirmed once we break above the 1073 mark and the projection of this pattern will target the level of 1085. We are still trading below the 50 day (shown in yellow) and 100 day moving averages (shown in red) and this confirms that the trend is towards the downside. We have also formed a symmetrical triangle pattern and an upward break of this pattern will make the odds for further higher move stronger.

The MACD is trading inline with the price action which means that while the price is making the higher high, it is confirmed by the momentum indicator.

gold 18-11-2015

Important zones

1065-1064 Support Zone

1079-1078 Resistance Zone

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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