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4/6/2016 3:20:17 AM

Gold tries to get rid of negative pressures - Technical Analysis - 06-04-2016



Gold prices rose in the intraday levels, succeeding in breaching the ceiling of that positive technical pattern that formed previously in the short term, the Falling Wedge pattern as shown in the attached chart, while colliding with the resistance of the SMA50, coinciding with relative power indicators reaching extremely overbought levels, forcing prices to go down a bit as they try to stimulate positive momentum to help them rise again and get rid of the negative pressures.

Therefore we expect the precious metal to rise in the coming trading, targeting the resistance of 1,099.00.


Target
Risk


Support
Resistance


Trend Bullish

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