Under Pressure
Our Pivot: 1856
Our Preference: Start short selling Gold below 1849.50 with strict stop loss of 1856.00 and profit target at 1837.00 with extension towards 1831.
Alternate Scenario: Upward penetration of 1856.00 will call for 1863 and 1869.
NOTE: GOLD is being capped by a strong horizontal resistance at 50% correction level of its previous bearish rally.
Chart with supports & resistances:
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