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Gold Price Rebounds from Fibonacci Level; 1170s Still Possible

Gold Price Rebounds from Fibonacci Level; 1170s Still Possible

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Bottom line, gold is at support (1228) from a median line confluence. This is an important level and if gold is going to work higher then it should do so now. Failure to hold up here would delay any bullish action until the next support, probably near 1177.”

-“Gold needs to exceed 1245 to negate the breakdown implications (to 1177).”

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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