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Spot Gold Firm Bearish Weekly Trend For 12 Feb, 2018

By Abhishek M RForexFeb 10, 2018 11:08AM ET
www.investing.com/analysis/xauusd-spot-gold-weekly-trend-12-feb-2018-firm-bearish-200289180
Spot Gold Firm Bearish Weekly Trend For 12 Feb, 2018
By Abhishek M R   |  Feb 10, 2018 11:08AM ET
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Technical Snap Shot:

All the major indicators are highlighted in the chart: The Fast & Slow stochastic oscillators have broken the support channel and are pointing towards the south, followed by Commodity Channel Index (CCI), which suggest's a downside momentum from a weekly perspective. Formation of Three Black Crows, a strong Bearish candlestick pattern, hints at the trend for the week ahead: Firm Bearish

Trading Levels:

Support & Best Buy level 1324 (current resistance), Actual Resistance & Best short level for the week 1333.90, A break above 1343.8 upsides capped at 1364/1374, however a crack below 1313.10 reversal or downside target in focus 1294/1284.

Approach:

Sell on Rising above or between 1324 - 1334 for target 1295 - 1285 or below 1313 for target 1303

Gold: Weekly Chart
Gold: Weekly Chart

Spot Gold Firm Bearish Weekly Trend For 12 Feb, 2018
 

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Spot Gold Firm Bearish Weekly Trend For 12 Feb, 2018

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