Technical Pulse: Gold Spot October 10, 2019 810

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Based on our technical analysis, the long term trend for gold is still bullish. However, it may enter into a short correction in the near term.

  • There is a bearish shooting star below 78.6% of 05-1533.33.
  • Head and shoulder formation.
  • Tightening of the Bollinger band. This may signify a bearish breakout.
  • The key rebound areas are located at the demand level at 78.6% and 88.6% of 50-1557.08.



Bollinger Bands

Red dotted line = Upper band

Blue dotted line = Middle band

Green dotted line = Lower band

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