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Gold Weekly Outlook

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Instructions on the map.

Safe Trading :o|

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The inner TL is broken and retested on smaller frames. Expecting price to reach blue horizontal support (or bottom of weekly range).

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4hr TF. 1231s have strong support. Weekly MA200 at 1236s.

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Inner TL broken, tested and finally reach target of 1210s/1214s. Added some small longs at this level trying to catch a bounce up to DMA20.

DXY pennant is working as planned so far and it too reached our resistance. Probability of breaking the pennant is high. Risk maintained.

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So far so good...

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DXY is breaking out of the rising wedge (possibly due to Turkish Headlines). Weekly close in both DXY and Gold will be important. Gold weekly being holding above 1208/06 support. Longs are possible for next couple of weeks (till closer to September hike date). See Gold Daily and Weekly chart below (updated).

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