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Gold is Bouncing off Strong Support

By:
Nenad Kerkez
Published: Mar 2, 2020, 08:44 GMT+00:00

The Gold has dropped towards 1561 support during the extremely volatile Asian session. Risk-on has been dominating the market.

Gold is Bouncing off Strong Support

Dear Traders,

The Gold has dropped towards 1561 support during the extremely volatile Asian session. Risk-on has been dominating the market.

At this point Gold is trying to reach next zone of resistance. 1605-1608 is the zone to watch. If it breaks higher then the final target is 1620. However a drop below 1600, might be a bit bearish for the pair and the next target is a retest of 1550 again. Watch for potential selling the rallies today and buying the dips close to above mentioned levels.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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