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TFC Commodity Trading Forum

Feb Gold/Testing 1st Support *PIC*

Feb Gold had a weak bounce up but did clear he 1625 resistance pt and rallied close to 1670 resistance. Price has pulled back to this 1625 breakout pt and is trying to hold above. Note the weak RSI 21 rally up to the 50 line and roll over again which is bearish. Also see the Modified MACD remains below the 0 line since the selloff from over 1700 and never did curl back up and rally. Gold is still in its downtrend from Sept with lower highs and lower lows. The falling 20ema is also below the falling 50ema meaning the 4 week trend is weaker than the 10 weak trend. Until this changes the downtrend is still intact despite bounces now and again.