Gold recently reversed down sharply from the resistance area located between the resistance level 1700.00 (which stopped the previous impulse wave (1)) and the upper weekly Bollinger Band.
The downward reversal from this resistance zone is likely to create the weekly Japanese candlesticks reversal pattern Shooting Star Doji – if Gold closes the week near the current levels.
Given the clear bearish divergence on the weekly RSI indicator – Gold is expected to fall further toward the next round support level 1600.00.
The US dollar has strengthened, reaching the upper boundary of its trading range. The British…
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- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…
- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…
- WTI crude oil reversed from the multi-year support level 66.70 - Likely to rise…
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