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Forex Analysis

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Forex Analysis

Gold prices retreated on Thursday as shares soared, but the metal held above $1200 as Fed minutes suggested policymakers would adopt a slow path of interest increases this year.

 

The precious metal hit a bottom of $1205.01 an ounce, while currently trading around $1206.15 from the opening at $1208.57.

 

Technically the yellow metal is in a strong bullish trend, Parabolic SAR signal is bullish, RSI of 14 days is also bullish in h1 as well as in h4 graph. Ichimoku cloud signal is also bullish in h1 graph. Tenken sen has intersected kijun sen above than the bullish cloud.

 

We prefer to wait for a better price , gold is supported near 1207.

 

Buy near 1210 Expected targets 1246 Stop Loss 1198 and Sell Stop 1196

 

Supports:

 

S1 1207.7300

S2 1184.5700

S3 1168.5600

 

Resistances:

 

R1 1246.9000

R2 1262.9100

R3 1286.0700

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