Gold in the 4-hourly time frame. Price is at 61.8% fib level. So there is a chance of price bounce from this level to resume its uptrend.
There is a doji candle here which is an indecision candle. Let's see where the price goes from here.
Gold in the daily time frame. Price is now approaching towards the 38.2% fib level which is a very strong support level.
This level should hold the price and stop the price from going further down. So both the time frames are suggesting resumption of an uptrend.
Gold in the daily time frame. Price has created a double top and now it is on the way of creating three black crows. If it can complete the current candle at around current level then the candle pattern formation will be completed. Then I think the price should go down with a pause at the support ahead.
Waiting to see what's going to happen next.
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Friday 9 June 2017
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