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19.06.2019 04:54 PM
Analysis of Gold for June 19,.2019

Gold bulls are unable to trade above the resistance at $1.357 and bears reacted. At current market conditions I prefer to be neutral to bearish since the price inside of the downward channels. With FOMC today my advice is to define proper risk control before you make any trade.

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Blue lines – Pitchfork downward channel

Orange rectangle - Support

Blue rectangle – Support 2

Black downward sloping line - Resistance

Gold is trading inside of the downward sloping channel, which is sign that bears are in control. Key resistance is set at the price of $1.357 and as long as the Gold is trading below that level, I would watch for selling opportunities. Support levels are seen at the price of $1.333 and $1.328. Only if you see breakout of $1.357, watch for potential long positions.

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