“¢ The precious metal extended its sideways consolidative price action for the fourth consecutive session on Tuesday, forming a rectangle on hourly charts. “¢ A rectangle is a continuation pattern that forms as a trading range during a pause in the trend but sometimes also marks significant trend bottoms/tops. “¢ However, given that the overnight attempted bounce was sold into near 100-hour EMA, the formation might still be categorized as a bearish continuation. “¢ Moreover, technical indicators on hourly/daily charts remained well within the bearish territory and further add credence to the negative outlook. “¢ A decisive break through the rectangle support, coinciding with 50% Fibo. level of the $1196-$1347 up-move will reinforce the bearish bias and open room for further downside. Gold 1-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price prediction: BTC/USD skyrockets to new 2019 high, more upside in store – Confluence Detector FX Street 4 years "¢ The precious metal extended its sideways consolidative price action for the fourth consecutive session on Tuesday, forming a rectangle on hourly charts. "¢ A rectangle is a continuation pattern that forms as a trading range during a pause in the trend but sometimes also marks significant trend bottoms/tops. "¢ However, given that the overnight attempted bounce was sold into near 100-hour EMA, the formation might still be categorized as a bearish continuation. "¢ Moreover, technical indicators on hourly/daily charts remained well within the bearish territory and further add credence… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
