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08.07.2020 05:26 PM
Gold price reaches second target area

Gold price has made new higher highs today around $1,820 and has fulfilled the expectations from the break out of the inverted head and shoulders pattern. Trend remains bullish however traders need to be cautious and protect their gains.

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Black line - support trend line

Green line - neckline

Red lines -size of upward move expected by Head and shoulders (inverted) pattern

Gold price continues to make higher highs and higher lows. Support remains key at $1,760 area. Price has reached our second target. A pull back towards $1,785-95 is justified at current levels so bulls need to be cautious. Bulls do not need to be greedy. On a daily basis the RSI is canceling the bearish divergence and is making new higher highs. This is another sign of strength.

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