Source: Forex Analysis
Gold has been trading upwards in the past 24hours. The price did test the level of $1.554 and started sideways mode. I found rising wedge pattern in creation and potential for the downside. Downward targets are set at the price of $1.546, $1.541 and $1.536.
The breakout of the rising wedge was the key for strong supply on the Gold. Watch for selling opportunities on the rallies…
MACD oscillator is showing decreasing on the upside momentum and slow line did turn into bearish mode…
Resistance levels are set at the price of $1.544 and $1.556
Support levels and downward targets are set at the price of $1.546, $1.541 and $1.536.
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