GOLD/USD Forecast October 24, 2014 - Technical Analysis |
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GOLD/USD Forecast October 24, 2014
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Fundamental Analysis

Gold continued its losses for the third consecutive session on Friday amid the rebound of the U.S dollar, following the release of strong economic data which have reduced the demand of the yellow metal as a hedge asset.
The Gold declined despite falling stock futures in the United States, as investors turned to safe haven assets and currencies like the yen, due to the increasing fears about the spread of the Ebola virus.

Technical Analysis

The Gold retreated after the break through the Ascending channel to the downside, hitting the main target of the channel at $1226 per ounce, which represented a strong barrier that pushed the prices to rebound above $1230 per ounce.
We expect that the Gold will finish its upward correction which corresponds to the Hook form from the Bearish Scallop pattern on the H1 chart. and the Gold is expected to continue its correction toward $1236 and $1244 levels, then we expect a significant bearish wave of the Gold toward $1223, and $1216, then $1209 which is considered the main target of the mentioned pattern.

We recommend our dear traders to seize the opportunities of any rally of the prices to enter sell positions, as the general trend of the Gold would remain bearish, and on the next week, we expect of decline of the prices toward the mentioned targets.
Support 2 Support 1Current PricesResistance 1Resistance 2

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