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Trade idea 10/10/22: short gold


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There’s been a break of mini support for gold, but where now?


 Jeremy Naylor | Writer, London | Publication date: Monday 10 October 2022 

IGTV’s Jeremy Naylor has put on a short trade on the precious metal having witnessed a break of the $1,681 support line. Using the Fibonacci tool, he has his stop at 1,735 with a possible early hesitation at the 61.8% retracement price of 1,658.

Assuming gold continues its drop his price target is 1,615. That would represent a total Fib retracement. To back this up he is assuming that Thursday’s US CPI data will come in hot and possibly exceed targets, giving the dollar another leg up.



Gold price rebound eyes former support zone | IG South Africa

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