"main trend is up according to the daily swing chart, however, momentum has been trending lower since last Thursday. A trade through $1788.80 will signal a resumption of the uptrend. A move through $1576.00 will change the main trend to down.
"The new minor range is $1788.80 to $1666.20. Its 50% level or pivot at $1727.50 is potential resistance. Watch for aggressive countertrend sellers on the first test of this level. They are going to try to form a secondary lower top.
"The short-term range is $1576.00 to $1788.80. Its retracement zone at $1682.40 to $1657.30 is potential support. This zone helped stop the selling pressure on Tuesday at $1666.20."
Read the whole analysis here: https://finance.yahoo.com/news/gold-price-futures-gc-technical-050734016.html
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