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Gold Technical Analysis (Daily Chart) on 3rd February 2017

Gold / XAUUSD – On the daily time frame this precious metal has broken below the uptrend channel and looks heavy at the moment.

The next downside target and support level can be seen at 1226.44 and below that 1216.59.

1244 is first topside resistance.

If price moves back up and into the channel, it nullifies all bearish outlook.

At the moment, stochastic is still pointing down. Downward momentum might persist in the near term.

Take note: Keep your losses at 2% and do practice proper risk management in these Trump led movements in the market.

Trade well.

To your success!

Ardy Ismail

Pro Trader & Trading Coach


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By | 2017-03-12T14:56:59+00:00 March 3rd, 2017|Categories: Forex Trading Signals|Tags: , |0 Comments

About the Author:

Ardy Ismail is Professional Forex Trader and Forex Coach specializing in the Forex and Futures markets. He trades using both Technical and Fundamental Analysis and has a deep understanding of risk and money management strategies. He has been trading the Forex market since 2008 and shares his analysis of the market on this site.

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