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Although today\u2019s decline triggered a breakdown below Tuesday\u2019s bearish shooting star candlestick pattern, the bullish reaction today may negate that signal. Nonetheless, near-term price levels look relatively clear. Today\u2019s low of $2,864 is short term support. If broken to the downside the trendline will also have failed to retain support and lower prices become targets.<\/p>\n
This week\u2019s low at $2,853 is a key price level as it is part of a series of six consecutive weeks of higher weekly highs and higher weekly lows. A change in that bullish weekly pattern may provide a clue to That bullish pattern may begin to change once that pattern starts to change.<\/p>\n
On the upside, a breakout above today\u2019s high of $2,909 will show strength, but Monday\u2019s high of $2,912 should also be considered. It was resistance on Monday, which had the highest historical closing price at $2,907. Tuesday\u2019s record high in gold was $2,943.<\/p>\n
The advance completed a couple targets there were derived from Fibonacci extension and projection targets. Therefore, resistance was seen in a price area that could lead to a pullback. Nonetheless, if the $2,943 high is exceeded higher targets start with $2,961, followed by $2,982.<\/p>\n
Furthermore, notice that there is a trendline across the top of a large parallel trend channel. The line was confirmed with the recent swing high at $2,790. It also shows the possibility of higher prices if Tuesday\u2019s high can be exceeded.<\/p>\n<\/div>\n
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[ad_1] Bullish Hammer Setting Up Although today\u2019s decline triggered a breakdown below Tuesday\u2019s bearish shooting star candlestick pattern, the bullish reaction today may negate that signal. Nonetheless, near-term price levels look relatively clear. Today\u2019s low of $2,864 is short term support. If broken to the downside the trendline will also have failed to retain support and lower prices become targets. This week\u2019s low at $2,853 is a key price level as it is part of a series of six consecutive weeks of higher weekly highs and higher weekly lows. A change in that bullish weekly pattern may provide a clue to That bullish pattern may begin to change once that pattern starts to change. Near Term Resistance at Monday\u2019s High of $2,912 On the upside, a breakout above today\u2019s high of $2,909 will show strength, but Monday\u2019s high of $2,912 should also be considered. It was resistance on Monday, which had the highest historical closing price at $2,907. Tuesday\u2019s record high in gold was $2,943. The advance completed a couple targets there were derived from Fibonacci extension and projection targets. Therefore, resistance was seen in a price area that could lead to a pullback. Nonetheless, if the $2,943 high is exceeded higher targets start with $2,961, followed by $2,982. Channel Shows Possible Higher Target Furthermore, notice that there is a trendline across the top of a large parallel trend channel. The line was confirmed with the recent swing high at $2,790. It also shows the possibility of higher prices if Tuesday\u2019s high can be exceeded. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":34494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-34493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/34493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/comments?post=34493"}],"version-history":[{"count":0,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/posts\/34493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media\/34494"}],"wp:attachment":[{"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/media?parent=34493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/categories?post=34493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tiproject.online\/index.php\/wp-json\/wp\/v2\/tags?post=34493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}