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Gold Update: Short Term

As Friday quick downward reaction from our first resistance 1815,is not a bullish price action behavior, so one can exited  long at cost for time being, price is hovering around long entry level at 1794.

Once you look at Daily chart, there is a junction support of red ribbon between 50-61.8%, lower one is 1778.53,which is recent low.

On Friday, it bounced from upper boundary of ribbon to Resistance 1815 and very steep downward reaction has been seen, is cause of concern about bearish scenario at present, In previous article, Silver indicates clear direction .

For low risk set up, one can put sell stop just below 1778.

Once 1778.53 taken out 1753.78/1740.23/1719.53 are visible as downside Target, even 1696.37 can’t be ruled out.

More updates and follow up in next article.

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