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10/6/2019
*Gold Aug 19*
Previous Close: 1346.1 +8.5
Gold prices jumped 1% on Friday to their highest levels since April 2018 as a sharp slowdown in US jobs growth sent the dollar lower on growing expectations that the Federal Reserve would cut interest rates this year. However, gold price immediately see a sharp fall this morning to below 1330 after US & Mexico reached a deal.
Hourly chart showed gold entered technical correction after RSI bearish divergence.
*Classic Support & Resistance*
Resistance: 1341.7 1352.7
Support: 1324.7 1314.2
*Recommend Trading Plan for the day:*
1. Sell 1332.6, stop 1333.8, profit 1331.4/1330.2/1329
*Margin Requirement (per lot)*
USD 3740
Micro: USD 374
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