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Ahead of the London session.

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Gold 1 hour chart is indicating that the metal has ended the cycle from July 6 low in wave 3 at 1981.20 high. The yellow metal has now broken to a new all-time high above September 2011 high. The rally from July 6 low unfolded as a 5th waves impulsive Elliott Wave Structure. Up from July 6 low, 1st wave ended at 1818.14 high and there was a dip in the 2nd wave which later ended at 1789.87 low. From there, the yellow metal then continued higher and ended the 3rd wave at 1945.25 high. The pullback in the 4th wave ended at 1930.50 low. The precious metal then extended higher in the 5th wave, which ended at 1981.20 high.

Facing Major Resistance at 1968 in the 4h Chart. Printing Relative strength index Bearish Divergence As Well, In Bearish Case, It Might test the 1890 Support Area. If Resistance got cleared, Next Stop Would be 2020 a new all time high.

GBPUSD is in 4th wave correction possibly of C wave up. The WXY as double zigzag correction cycle is in progress where C of Y wave up is in progress. X wave was finished in triangle. Wait for 4th wave correction down to finished before bullish price action resuming up trend again.

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Forex Trading

Gold dips after pmi release

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XAUUSD prices have slipped back towards where they traded for most of June. This is despite US yields and the dollar slipping back a little, which makes me think this move is more technically driven, than being a more bearish signal.

The yellow metal ran into resistance just above USD 1,835, around the same area it struggled a couple of weeks earlier. As long as it holds above USD 1,795, the outlook looks favourable. A move above that resistance zone could give the yellow metal a bit of a kick, with USD 1,855 then being key above here.

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Agri-Tech

You can now assign Nairaforex traders to your funds.

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Nairaforex one of Nigeria’s leading trading services has now opened their  functionality to the general public. With Nairaforex, users can now assign the best remote professional forex traders to their capital and earn returns within a specific period.

Nairaforex who employs traders who work remotely across Nigeria, South Africa, Kenya, Germany, France and other countries. With Nairaforex, you can easily assign these traders to your funds to trade on your behalf and get back reasonable returns at the end of a specified duration.

Each trader posses a different money-back guarantee, deliver within different periods and have different returns on the funds. Nairaforex has also included the functionality of assigning more than one trader to your funds for preferential purposes.

Go to Nairaforex.com to join Nairaforex now, and for more information.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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Forex Trading

NZD/USD continues bullish move.

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The New Zealand Dollar and United States dollar pair closed at its highest since March 4th on Monday, extending last month’s bottom.

The breakout above the 23.7% Fibonacci extension at 0.7175 and falling resistance from February have been confirmed, exposing the 38.2% level at 0.7318. Beyond the latter sits peaks from 2018, making for a critical zone of resistance between 0.7397 and 0.7438

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