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Gold Rotating Lower, But Uptrend Is Still Intact

By Learn To Trade The Market (Nial Fuller)CommoditiesMar 06, 2017 10:51AM ET
www.investing.com/analysis/gold-rally-all-depends-on-$1180us-oz---march-6th-2017-200177937
Gold Rotating Lower, But Uptrend Is Still Intact
By Learn To Trade The Market (Nial Fuller)   |  Mar 06, 2017 10:51AM ET
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Gold retraced lower last week, moving down within the overall uptrend that has been in place since December. On Friday, a small bullish pin bar (a price action reversal signal) formed, showing rejection of 1220.000 support area; a level we discussed recently as a potential level to buy near. If price holds above 1220.00 this week, we could see the uptrend resume from this pin bar, however, a failure at 1220.00 could see prices head back to test 1180.00 again. The chart below is suggesting that 1180.00 – 1200.00 is a ‘line in the sand’ for the short-term upward leg that we have seen recently. Our strategy of choice this week, is to look to buy pullbacks while price is still trading above major support at 1180.00 – 1200.00.

Gold Daily Chart
Gold Daily Chart

Original post source - www.learntotradethemarket.com

Gold Rotating Lower, But Uptrend Is Still Intact
 

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Gold Rotating Lower, But Uptrend Is Still Intact

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