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Gold ready to meet 61.8% Fibo level – Is it good time to sell?

Fellas, gold prices soared on the back of a softer U.S. dollar, extending profits for the third consecutive session. Most of the buyers came in due to retracement in the dollar index after U.S. President Donald Trump said that he was “not thrilled” with the U.S. Federal Reserve for boosting interest rates.

That’s because the stronger dollar makes U.S. products expensive for foreign buyers. Likewise, it makes imports less costly, causing a widening trade deficit.

Gold - 4 Hour Chart

Gold – 4 Hour Chart

Gold is heading north to complete 61.8% Fibonacci retracement at $1,195. We probably can find a selling trade below this level. On the 4 – hour chart, gold has to meet a downward trendline which can provide it a solid resistance near $1,199.

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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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