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Commodity Analysis Spot Gold XAUUSD
Time Frame : Daily Chart
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Spot Gold XAUUSD
Spot Gold sold off hard last week, a lot sharper than us and most expected, and took the wind out of the bulls sails but the move last night saw the Bulls come charging back into the action. Price stalled just below the 1660 zone which we expect to see provide some short term resistance. The recent move down washed out a lot of buyers on fear that price was heading lower so there will be some fuel still on the sidelines ready to chase price higher. We expect that buyers still have some work to do so watching now for a higher low to provide some evidence that we are on the right side of the action….still waiting for the entry setup for a potential buying opportunity but in no hurry as the markets are still attempting to find a base.
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Commodity : XAUUSD
Current Price : 1644
Status : On watch for a further higher lows
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Alert History
Previous Alert 27/02/20
Commodity Analysis Spot Gold XAUUSD
Time Frame : Daily Chart
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Spot Gold XAUUSD
Spot Gold fell off the highs much to the surprise of many even as equity markets went into meltdown. There was news of profit taking by some to cover margin calls, options expiry game playing and just general locking away any profits due to outright panic. Spot Gold will come back to life if we see more share market write downs in the near term but still expect that Gold Bulls have some work to do to reset and bring in fresh buyers. Watching for a retest of 1624 and washout of the level (which would correspond to a potential bounce in share markets) prior to higher lows holding and a new run up to key highs. Remember we have to remain patient and let the ENTRY SETUPS show themselves before putting risk into the market in this current environment.
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Commodity : XAUUSD
Current Price : 1645
Status : On watch for a push up through 1655
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