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Gold Technical Analysis

Posted by Joseph Trevisani on Feb 5, 2013 6:38:00 PM


$1695-1715 Region Key Resistance

RES 4: $1711.5 - 100 day moving average
RES 3: $1696.5 - Falling daily channel top
RES 2: $1695.8 - High Jan 22
RES 1: $1684.2 - High Feb 5

LATEST PRICE: 1673.50 bid

SUP 1: $1651.8 - Low Jan 9
SUP 2: $1650.4 - 21 day lower Bollinger band
SUP 3: $1627.2 - Low Jan 4
SUP 4: $1598.1 - Falling daily channel base

COMMENTARY: Gold continues to trade sideways within the recent $1650-1685 range
with gold supported by the 100-WMA ($1648-9) and hesitating topside ahead of
layers of resistance. While the $1695-1715 region caps a move lower that tests
the falling channel base and closes below the 100-WMA for the first time since
late 2008 remains favoured.

 

MNI & WWM

Blomberg

 

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