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  • Sunday 16 June 2019

    Gold closes on a strong pullback after reaching 1358 High

    On Friday we have seen XauUsd reaching 2018 highs as the dollar showed losses during the week causing major buys on the Gold Dollar pair, before the market closed on Friday the XauUsd pair has suffered severe losses as the pair dropped from 1355 down to 1340 in which caused a drastic effect on the Gold buys.

    XauUsd Technical Analysis

    Gold currently sits above the BAT fibonacci zone which is a little lower from the 1345 major resistance level. a close below the BAT level will reveal out OTE zone at level 1321 but if the markets fails to find a close below the BAT level we will get to see Gold reaching new highs.

    We dont recommend any buying of Gold at current moment until we see some great price action buy signals in the Gold Dollar pair, in our view on this metal we looking for a close below BAT zone price have been struggling to break above the 1355 highs. a rejection at 1345 and a close below the BAT level will reveal the more selling pressure.

    Sifiso Nkwanyana

    Author & Editor

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