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13.09.2021 03:29 PM
Trading idea for gold

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Gold failed to stay above the psychological level - $ 1,800. Now it is approaching $ 1,781 for the fourth time, putting pressure around the level. In most cases, this scenario ends in a breakdown. So, it is better to take short positions instead of long ones.

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In the event of a true breakdown, a wave of sales may provoke a further drop to $ 1675.

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If that happens, gold could get a potential rebound of as much as 11,000 pips.

After the breakdown of $1781, it is recommended to leave some of the positions up to $ 1675.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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