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FX.co ★ Gold analysis for December 09, 2016

Gold analysis for December 09, 2016

Gold analysis for December 09, 2016

Recently, gold has been moving downwards. As I expected, the price tested the level of $1,163.20 in a high volume. My targets from yesterday has been met. According to the 30M time frame, I found strong selling presure and watch for selling opportunities. Downward target is set at the price of $1,157.00. Supply cluster I mentoned yesterday was very strong resistance.

Resistance levels:

R1: 1,175.90

R2: 1,177.80

R3: 1,180.90

Support levels:

S1: 1,168.90

S2: 1,166.80

S3: 1,163.20

Trading recommendations for today: Watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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