Friday, June 17, 2016

Gold tries to go back up

Yesterday gold completed a parabolic retracement of 100% to the zone of the 1300 level. Even though gold broke above the 1300 level, it made a high around the 1315 level, but it couldn’t stay above that level and drops back down. However, today gold goes back up and visits again the 1300 level. If the price breaks again above the 1300 level, then the high at the 1315 could act as resistance. The question now is if gold would be able to break above the 1300 level or bounce back down. To the downside, the 1255 level could act as support, which is where the 200 week EMA is situated at.


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WTI oil at the 200 day EMA

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