Gold rejects daily high and key fibo level

Gold rejects daily high and key fibo level

Key resistance zone: 1826
Key support zone: 1818

Mid term trend in Gold is bearish
Gold keeps holding a key support level inside of a mid-term bearish structure which gives us opportunities to go short in this metal.
Daily Chart Reading
The short side in Gold should be in play whilst the daily highs and the key resistance zone are not breached. This is why we use stop orders to keep us involved if and only if there is momentum to the downside on our side.
15 minute chart reading
The key 76.4% retracement in this chart that is capping Gold´s move to the upside comes from Monday’s range (1810.70-1830.90) which is important since the oscillator just printed bearish divergence on the 15-minute chart.

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Author : Orlando Gutierrez

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