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Spot Gold: Testing Support At 1295/94

Published 11/06/2013, 02:42 AM
Updated 07/09/2023, 06:31 AM
GC
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Spot Gold Technicals Charts
Gold tested support at 1306 which held the downside once again as expected, but a break below 1304 today keeps the market under pressure for a test of excellent support at 1295/94. Exit shorts and try longs here, with a low for the week likely, but use stops below 1289.

Immediate resistance at 1319/21 also held the move perfectly but a break above 1323 today could reach resistance at 1328/29 then a selling opportunity at 1335/36, with stops above 1340.

Weekly outlook: Last week's close below 1319 starts this week on a negative tone and failure to hold support at 1306/05 targets good support at 1295/94. A bounce from here is expected but if we continue lower look for trend line support at 1265/60. Weekly resistance at 1319/21 then 1341/43 could hold the topside.

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