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TECHNICAL ANALYSIS OF GLOBAL FINANCIAL MARKETS STRATEGIC OVERVIEW OF MACRO ECONOMY & GEOPOLITICS

Gold is flirting with a 4-month resistance!

Gold February 2021 futures (ZG, present price $1901) reached my $1911.70 target in the early European trading session and retreating quickly as it hit a 4-months long descending resistance line (red color). If gold manages to overcome descending resistance, it could extend the advance as high as $1935 in the present swing. Adjusted dotted trendline and 113 dollar swing C-D (initial swing A-B equals $113) suggest a next price target of $1935 for the present cycle. This post is not an investment advise.

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