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Gold Short Term Bearish, target 1130/1100

Published 10/31/2014, 03:10 AM
Updated 05/14/2017, 06:45 AM

Hence the short term trend continues to look bearish for gold and a test of Previous low at $.1130/1100 (T) level looks possible. Until price closes above at $ 1251, Selling on rise is advisable.



Comex Gold has been in an downtrend since the past one year forming lower tops and flat bottoms within the channel (R-S). The price has recently try to breach the long term support line S at $ 1179 (Previous Low). If breached then price can give a sharp correction till the $ 1130 (target).

Hence the short term trend continues to look bearish for gold and a test of Previous low at $.1130/1100 (T) level looks possible. Until price closes above at $ 1251, Selling on rise is advisable.

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