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Tuesday's Gold Technicals

Published 10/08/2013, 09:38 AM
Gold (08.10.2013)

traded lower as per last report dated 27.09.2013. However we witness a sharp bounce from $1280 area.

Now gold is trading around $1326 & as we can see on charts, gold is reaching to the topline of current descending channel. This area also in combination of 50% feb correction level & a parallel minor resistance. However a positive candlestick pattern suggest for more upside but the ongoing long term scenario & continue weakness on indicators suggest for a possible downside move again. On the fundamental side, any positive tone on 'obamacare' from US will generate panic selling in gold.
Gold: Daily
Based on above studies, we will prefer to sell gold for downside targets around $1304 and then $1280. Only a day close above $1337 will neglect the forecast.



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