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Technical Analysis

Gold Melting Down


The yellow metal is going down like a rock and is expected to reach the 38.2% retracement level. Actually, it could hit the confluence area formed at the intersection between the 38.2% retracement level with the WL1. A breakdown through the mentioned confluence will accelerate the sell-off, while a rejection will send the rate much higher again.

Author: MultiBank Exchange Group Website:
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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