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Gold price forecast update 06-11-2024
Gold price traded with strong negativity to surpass our first target at 2718.80$ and approaches the second waited target at 2696.85$, noticing that the price attempts to recover now to head towards potential test to the key resistance 2746.00$, and as long as the price is below this level, the correctional bearish scenario will remain valid for the upcoming period, waiting to achieve more negative targets.
On the other hand, we should note that breaching 2746.00$ will stop the suggested negative scenario and push the price to resume the main bullish trend within the bullish channel that appears on the chart, to head towards visiting 2789.90$ initially.
The expected trading range for today is between 2710.00$ support and 2765.00$ resistance.
Trend forecast: Bearish
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The GBPUSD forecast update 06-11-2024
The GBPUSD price succeeded to achieve our first waited target at 1.2866$ and presses negatively on it now, to support the expectations of continuing the domination of the bearish correction and head to visit 1.2735$ areas as a next negative station.
MoreThe EURUSD price forecast update - 06-11-2024
The EURUSD price broke 1.0760$ level clearly and achieved our first waited negative target at 1.0700$, reinforcing the expectations of continuing the domination of the bearish trend for the rest of the day, accompanied by coming to the end of the US elections and announcing Donald Trump win, reminding you that the next target reaches 1.0650$.
MoreThe CHFJPY keeps the negativity – Forecast today – 6-11-2024
The CHFJPY price formed some negative waves recently, affected by the stability of 177.25 resistance line, to record some negative targets by touching 175.20 level followed by forming temporary positive rebound towards 176.15 due to the contradiction between the major indicators.
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