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Gold Price Forecast: GLD Rally Cut Short, Confluent Support Holds the Low

From dailyfx.com

While June was the worst month for Gold prices since November of 2016, the month of July started off in a far different way, with half of that sell-off clawed back in the first half of the month. Prices in Gold caught resistance at the 50% retracement of the June sell-off on Thursday, July 15th. And on the following day, prices fell to close the week, making for an evening star formation on the Daily chart. Such formations will often be approached with the aim of bearish reversals and given the prevailing backdrop, this can keep the door open for bears. As I had written in the last update on Gold a week ago, ... (full story)

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  • Category: Technical Analysis