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Gold Moves Back To Upside After Drop Below 1260

Published 02/04/2015, 04:33 AM
Updated 07/09/2023, 06:31 AM
GC
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Gold  Daily Chart

Gold prices dropped and touched below 1260.00 but then moved back to the upside and traded above the significant barrier 1263.45. Trading above the referred to level is positive as it keep the price stable above the key resistance of the downside move. We notice negative signals on MACD and Linear Regression Indicator 34 is trading negatively, which makes us wait to breach 1274.55 before suggesting positivity again.

In fact, the metal should breach 1284.80 today to confirm bullishness, while trading above 1300.00 later is required to confirm extending the current bullish wave. From the downside, breaking 1250.00 indicates the return of the negative pressure.

Gold Support Resistance & Recommendation

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