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Gold Technical Analysis

(1581,30) GOLD formed yesterday a small negative day reversal but only a daily closing below 1584,50 will confirm a s/t top. The indicators of the daily chart are still negative while those of the s/t ones are mixed supporting some consolidation/ correction. The move up of the last few sessions started forming bearish divergences in the hourly chart confirming a change of the tone. Possible weakness are therefore s/t buying opportunities for a 1600 overshooting.
We wait for a deeper correction but for the moment suggest avoiding shorts if not for trading!!!!!!!!!!
Follow possible updates.

Click here to read the full report: GOLD 05.22

 

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