Running through the memory of 2016 Gold is seen on the
street of dreams. Lows, highs, runaways. Brexit case elevated the spirit and
affected positively to the forever safe-heaven commodity. But now Trump’s
victory set another brick in the wall and Gold parted with the $1300 levels.
During the past week the yellow metal is down with 6%. The initial enthusiasm lifted up the rate, but now it seems that the tale was not right and a dramatic reversal followed.
Current the price is placed at $1226. Applying the retrospective 2016 upside movement, first support is seen at 50% Fibo retracement $1223 and second is lying at May’s $1198. Looking to the upside $1284 is a key level that might relight the bulls power.
Indicators readings are indicating oversold market and showing lack of momentum.
During the past week the yellow metal is down with 6%. The initial enthusiasm lifted up the rate, but now it seems that the tale was not right and a dramatic reversal followed.
Current the price is placed at $1226. Applying the retrospective 2016 upside movement, first support is seen at 50% Fibo retracement $1223 and second is lying at May’s $1198. Looking to the upside $1284 is a key level that might relight the bulls power.
Indicators readings are indicating oversold market and showing lack of momentum.
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