REDATOR Ben Graham Posted February 16 REDATOR Report Share Posted February 16 Gold is trading around $4,998 below the 21 SMA, showing exhaustion of bullish momentum. The price is likely to reach the 200 EMA around $4,827 and even the lower band of the downtrend channel formed since February 9.Gold reached the 61.8% Fibonacci retracement from levels around $5,100 on February 10. Since then, we have seen a series of technical corrections. Therefore, the instrument is likely to continue falling in the coming days and could reach the 7/8 Murray around $4,687 and finally the 6/8 Murray at $4,375.On the contrary, if gold breaks above the downtrend channel in the coming hours and consolidates above the 21 SMA, we could expect it to reach 61.8% Fibonacci around $4,100, which could be seen as a point to open short positions.The Eagle indicator is showing a positive signal, so gold will likely continue its rise in the coming days and could even reach $5,100 again.A consolidation above the 61.8% Fibonacci level could accelerate its upward movement and could reach +1/8 Murray around $5,312.The material has been provided by InstaForex Company - www.instaforex.com Visitante_ec15b863 1 1 Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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