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Bullish Reversal On Gold

ByAdmirals
Published 12/11/2013, 06:30 AM
Updated 01/31/2022, 02:45 AM
GC
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During the European session, Gold surged to a new mid-term high. For the first time within the last few weeks, the probability of a further upswing is higher than that of a downswing. The reasons for that are as follows. First of all, the price broke the bearish trendline (green). It did not cause a significant theoretical upswing, but we can say that the trend is over. What is more, we can see that Gold made an inverted head and shoulder formation (yellow squares) and that the traders already managed to break the neckline (upper blue). This is considered as a major buy signal. Furthermore, the price went through the 1,255 USD/oz. resistance which was blocking bulls at the end of November. Currently, this level will be the closest support. If sellers manage to come back below this line, the buy signal will be denied. Gold

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