Gold – Facing A Great Battle

25 Feb - Gold Daily

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Hi All,

A quick update of the precious metal. As you can see above, Gold is testing a fairly strong level at the moment with a few confluence of factors including a 62% Fib (a golden ratio), Old support turned resistance and a classic divergence. On the flip side, we had the double bottom formed on 06/2013 and 12/2014. As you can see, the bulls and bears are really both watching closely.

This is also an interesting set up as many Elliot traders are looking for a confirmation of either a new impulse or a correction wave.

With that, I’m keeping a close watch on more price action confirmation.

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