GOLD downside reversal in the cards

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Gold dropped below the uptrend line. It has found demand at 1,784.47, and now it may come back to retest the uptrend line. 1,777.14 is seen as a downside obstacle. If the price drops and stays below it, it would announce a larger drop.

Trading conclusion

Staying under the broken uptrend line and dropping below the 1,777.14 level could activate a larger drop in the upcoming period.

The material has been provided by InstaForex Company - www.instaforex.com

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