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Analyzing Gold’s Decline: Where Will Support Emerge?
video The correction in gold deepens today as the 50% retracement is completed at 1,918 and a new pullback low of 1,915 is reached. Subsequently, a minor intraday bounce triggered off the day’s low. Nevertheless, gold is set to close weak, in the lower quarter of the day’s range and possibly below the 50% retracement level. This tells us that the retracement is not over and increases the chance for a decline to a lower support zone. chart Confluence of the 61.8% Fibonacci retracement and the 200-Day EMA is at 1,911 to 1,909, respectively. It marks the next lower price zone to watch for signs of support that ... (full story)