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Gold Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 210584, member: 80239"] [HEADING=1][JUSTIFY]Gold is ready for a local reversal[/JUSTIFY][/HEADING] [JUSTIFY]There are only three most liquid equivalent assets in the global economy: the US dollar, oil, and gold. When one of them rises sharply, the other two always fall, which is what is happening now: the oil price has fallen below 100, and gold quotes are approaching 1700. This situation cannot last long: the issue of the US currency causes an increase in inflation, which has already exceeded 9.0%, which means that the purchasing power of the population has decreased again, and this will lead to a drop in demand for the dollar, which will provoke an increase in oil and gold. [img]https://i.ibb.co/ZVcSRF8/gold.png[/img] On the daily chart of the asset, the price is moving within the global downward channel. Technical indicators maintain a sell signal, not excluding a slight correction: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram has formed the first rising bar in the sell zone. [B]Resistance levels[/B]: 1745, 1786 | [B]Support levels[/B]: 1707, 1685[/JUSTIFY] [/QUOTE]
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