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Gold: Today's Outlook

Published 01/21/2015, 04:19 AM
Updated 07/09/2023, 06:31 AM

Gold Chart

The upside move extended and gold is trading above the psychological barrier 1300.00 now, and above 76.4% and 78.6% correction represented in 1294.65 - 1299.35 respectively. Holding above 1294.65 extends the upside move in an attempt to test 88.6% correction at 1320.75, which is the main target for today.

Breaching 1320.75 and stabilizing above it triggers other bullish waves that targets 1345.10 that represent a previous top as showing on graph above. From the downside, breaking 1288.55 gets the price into a bearish correctional wave and fails our positive expectations intraday today.

Support Resistance & Recommendation

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