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Publish Date08/01/2013 05:31:56 AM
Last Update08/01/2013 05:39:16 AM
Agreeing with our yesterday’s proposed bearish scenario, the metal has moved to the downside despite the tranquility that dominated the market since the opening of the week. Stability below SMA 200 in addition to the negativity on momentum and technical indicators could assist gold to re-attack the Fibonacci support of 1629.00. Trading within the main descending channel is another technical catalyst that argues us to keep our bearish anticipations intact over upcoming sessions.
The trading range for today is expected among the key support at 1600.00 and key resistance now at 1675.00
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.
|Recommendation||Based on the charts and explanations above, we recommend selling gold around 1655.00 targeting 1613.00 and stop loss above 1676.00 might be appropriate.|
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