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العربية
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12 September

By Amir El Araby

Category: Technical Analysis

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Gold: Classical and harmonic combination proposing further drops

By having a look at the daily chart of Gold, we will be able to see the weakness that appeared on the metal yesterday whereas, as bears have hauled it from sharply, creating a long black candlestick pattern.


Indeed, yesterday’s candlestick confirmed the shooting star structure seen on the secondary image.

With that in mind, we see how the reversal started at the upper line of the ascending channel.

The movements of Gold have been dominated by a fine Fibonacci symmetry that formed bearish bat pattern, reinforced by the trend and momentum exhaustion appeared on technical indicators.

To summarize this, we see chances for achieving further downside actions, chiefly targeting 1295.00 regions, followed by 1275.00 initial support.

Go to our price plans page: http://www.d1stp.com/MembershipPlan and select Commodities package to receive daily trading alerts on Gold delivered by e-mail & SMS. 


Amir El Araby

Financial advisor with 18 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts).