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Gold Technical Analysis

Posted by Joseph Trevisani on Apr 8, 2013 6:33:00 PM

Hesitating Below Friday's High

Resistance 4: $1627.20 - Low January 4 now resistance
Resistance 3: $1625.26 - 21 day upper Bollinger band
Resistance 2: $1592.05 - Falling daily trend line
Resistance 1: $1583.00- High Arpil 5

PRICE: 1573.6  6:45 pm ET

Support 1: $1540.70 - 2013 low April 4
Support 2: $1528.40 - 2012 low May 16
Support 3: $1523.00 - Monthly low December 29, 2011
Support 4: $1479.00 - Monthly low July, 1 2011

Commentary: Gold consolidated at the upper end of Friday's range to start the week. The $1523-28 support region remains key for the pair as the weekly chart continues to show, with a close below then seeing the 200-weighted moving average targeted. Interesting to note that gold has not looked back since closing back below the 100-weighted moving average earlier this year and a close below the 200-weighted moving average could react similarly.


Market News International & WorldWideMarkets

Chart: Bloomberg

ScreenHunter 919 Apr. 08 18.49


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