Gold, D1, 03.04.2017
Long-termed short movement, correction till SMA 200 and 50% Fibo.
Price Action: Fake breakthrough of the SMA 200, followed by an engulfing pin bar and correction.
Indicators: DeM(14) in overbought territory - indicates that the bullish momentum might be running out of steam, which would be the end of the correction.
On H4 there's a declining channel, with price on horizontal and diagonal resistance.
SL: 1269.40
Alternative scenario: If the price reverts and maintains levels above the resistance and the SMA 200, this movement might be denied.
Jr_Trader_A_Kumanov
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