By Admiral Markets
Gold is in a steady downtrend. Better than expected advance GDP in US continues to weight on Gold. My conclusion is that the USD gains and risk appetite continue to limit the upside for Gold. However we might see a retracement from L3 towards POC1 and POC2. The POC1 (D cm, W H1, EMA89, 61.8, trend line, atr pivot) 1273.20-1275.35 could turn the price down to 1268.18 and 1262.69. A deeper retracement might also target POC2 1278.50 zone-1280.00 (D H3, WH3, atr pivot) and the rejection should target same levels as I mentioned above. 1h momentum or 4h candle close below 1262.69 might target 1254.73.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: Gold Bearish Zig Zag Confluence at 61.8 and 78.6 Fib
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