GOLD: 10.02.2017 D1 chart
Downtrend and correction around 50% Fibonacci.
Price below diagonal resistances and zone of horizontal resistance - probable decline in price.
Price action: Bearish engulfing at levels of resistance - increased probability for a new downward impuls
Indicators:
DeM(14) reversed above 0,7 and crossed below - strong confirming signal for sell
Fundamentals: Comments made by Donald Trump yesterday for tax reforms in the upcoming 2 3 weeks are positive for the risk appetite and negative for the safe heavens. The dollar appreciation is strongly negative for the gold prices.
SL: 1253.00
Alternative scenario: If price breaks above the resistances this will cancel the negative scenario.
Trader Nikolay Georgiev
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