Yesterday, gold tried to hit a new high and after not being able to, it started losing positions. This morning, same thing. It stopped at 1137.2, after the RSI marked oversold. The pair is now finding resistance at 1166.8, after breaking the 200-days MA, now acting as a support, leaving a very upwards candle, ten minutes away from closing it. Breaking this level, the downwards pressure will continue, as the upwards trend could act as a resistance. Below, if it hits new daily lows, the next step will be getting to the fibo 38.2 (at 1131.3) from the last upwards movement (marked between 1027.7 to 1195.4).
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