On the daily chart, priced closed as a doji which means a possible reversal for gold. Another confirmation for the forming of the doji is that price is also at resistance level. A high chance of pullback can happen. Fibonnaci was also used to confirm the reversal and the current price is at Fibonnaci level of 61.8. Another confirmation of pullback can happen. Be careful trading gold as a sell is not recommended but a long is recommended at the pullback. Price might drop to 1472.44. Please forgive me if theres any wrong in my analysis or any wrong use of words as I just started Forex not long ago. Happy Trading!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.