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Is gold, like the S&P 500 index, heading in the same direction?


Good afternoon!

Gold bounced off the 1820 resistance level, forming engulfing in the process. Now the price has rolled back to the middle of the absorption, which may mean the formation of potential for further decline. The basic scenario is the fall of the precious metal towards the horizontal 1735:

The European currency is declining in small steps towards the level of 1.0350, where the broken line of the ascending channel also passes. If the quotes decrease to the indicated intersection of the lines, it is worth waiting for a potential rebound upwards, towards the level of 1.0600:

Is gold, like the S&P 500 index, heading in the same direction?

The S&P500 index bounced off the downtrend and is now testing the support level of 3935, simultaneously breaking through the local rising channel. The basic scenario is a breakdown of the horizontal and continuation of the downward movement:

Is gold, like the S&P 500 index, heading in the same direction?

Oleg Svirgun, analyst at the brokerage company Tickimill

07.12.2022

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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