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Nenad Kerkez
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Gold

Gold is currently in an intraweek downtrend. We still might expect selling the rallies and bearish continuation moves.

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On the H1 chart, we can spot huge bearish Head and Shoulders pattern which is looming above the price. 1966-70 zone is the POC where sellers should appear. If we don’t see a retracement towards the POC zone, watch for a continuation below D L4 camarilla – 1925. Targets are 1919 followed by 1908 and 1900. Only a move above 1982 will temporary negate the bearish scenario.

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

For a look at all of today’s economic events, check out our economic calendar.

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