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  • Positive Retail sales and PMI releases. GBP/USD may nudge higher ahead of US data releases.Get your $GBP market update from @nickcawley1 here:https://t.co/XJntXbysHN https://t.co/vRE9KHH7aL
  • $USD back down, that 91.40 spot caught a second hit of resistance yday afternoon. $DXY now testing through the 91 handle https://t.co/6afTwowThc https://t.co/HwVTJ3lWZh
  • The US Dollar has slipped lower again today, falling to its lowest point since early Tuesday. After testing 91.40 yesterday for the second time this week, the $DXY headed lower, currently trading back below the 91.00 level. $USD https://t.co/92FMTXo42U
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.41% 🇪🇺EUR: 0.41% 🇬🇧GBP: 0.33% 🇳🇿NZD: 0.22% 🇯🇵JPY: 0.22% 🇨🇦CAD: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6A6MTdrLqz
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  • 🇷🇺 Interest Rate Decision Actual: 5% Expected: 4.75% Previous: 4.5% https://www.dailyfx.com/economic-calendar#2021-04-23
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.50% Gold: 0.13% Silver: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DyTN6Z1PLU
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇪🇺EUR: 0.34% 🇬🇧GBP: 0.33% 🇨🇦CAD: 0.18% 🇳🇿NZD: 0.15% 🇯🇵JPY: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JKnNu9wyXr
Gold Current Level Defined by Former Support

Gold Current Level Defined by Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Current Level Defined by Former Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: Gold took a hit last week and the bearish triangle pattern possibility is out the window as gold traded below the February low. It’s obvious that gold is at a huge point in time. A drop below the 2011 low (1522.50) could send price cascading much lower as years of built up longs at bad prices are forced to liquidate. Areas of interest in the event of a break are the areas of 1400 (100% extension and 2010 consolidation), 1300 (127% and 2011 low), and perhaps even 1150ish (161.8% and July 2010 low). This scenario is viewed as possible as long as price is below 1617.

Commodity Trading Strategy: Flat

LEVELS: 1522 1540 1555 1589 1608 1617

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