GOLD: Negative technical formation, probably the shorts will continue

21.09.2017 / 10:12

Rating:

GOLD: Our expectations: the down trend will likely continue after the breakthrough is below 1300 USD. The medium-term trend to keep decreasing deeper bottoms and lower peaks. Possible shorts now or after break test 1300 with stop 1316.5 USD

Alternative Scenario: Any price change over 1365 will signal the closure of the short and new lobbies.

Comment: Downward price movement - lower tops, lower bottoms

Break below 1300 USD - negative signal

Price below 100 EMA

CCI 50 below -100 - strongly negative moods.

Funding: Fed chairman Janet Yellen statement showed Fed will raise interest rates in December, which supports the dollar, but bad news for GOLD

Stefan D. Angelov - Head of Stocks trading

Varchev Traders

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GOLD: Negative technical formation, probably the shorts will continue

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