The price of gold is hovering above 61.8% of Fibonacci of previous uptrend. Further, Bulls are powering towards upward movement. AS, we can see in Chart, the Bulls are rebounding to break risk trend line at least, if bulls break risk trendline then Bulls will target to teste moving average which is below the 61.8% of Fibonacci of current down trend. Also stochastic not suggesting clear sell as it is just above the oversold area, Hence we can play Buy with stop loss of nearest support area up to the nearest Resistance area or moving average line or 61.8% of Fibonacci (whichever is near to current price).
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Not financial advice.
Educational purposes only.
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