You are here:--Gold Technical Analysis (Daily Chart) on 3rd February 2017

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: Daily Technical Strategy|Tags: , |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @

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