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Daily analytical report (17/08/18)

  • Gold is finally climbing higher, and the location of the bounce is no coincidence! If this ends up being the bottom, all Fibonacci retracements will be in places where we already have strong horizontal resistances! In addition to that, we are on the long-term upwards trend line (connecting higher lows since 2006). That is the best place for a reversal ever.
  • Oil is about to test the recent supports as new resistances. We are aiming the horizontal resistance on the 23.6% Fib and the dynamic upwards trend line, which was broken 2 days ago. As long as we stay below the upper green line, sentiment will remain negative.
  • GBPAUD tested the neckline of the giant head and shoulders formation along with the mid-term horizontal resistance (green). The test was positive for sellers, as the price drew two shooting stars on the daily chart. Now, the price is going down, which confirms the bearish sentiment for the upcoming weeks.

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