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Gold: Technical Analysis

Posted by Joseph Trevisani on May 14, 2013 6:15:00 PM

Pressure Remains On Initial Support

Resistance 4: $1523.0 - Monthly low December 29 2011
Resistance 3: $1495.2 - High April 15
Resistance 2: $1487.3 - High May 3
Resistance 1: $1475.6 - High May 8

Price: 1427.17  6:27 pm ET

Support 1: $1421.1 - Low May 10
Support 2: $1404.3 - Low Apr 22
Support 3: $1376.0 - 21 day lower Bollinger band
Support 4: $1340.4 - Low April 18

COMMENTARY: After the initial sharp bounce from Monday's closing levels in Asia yesterday gold has again dipped towards initial support and remains heavy. The $1404-21 support region remains key now with a close below that bringing the $1300-25 regioninto range and hence a retest of the 2013 low. A close above the recent double daily top at the $1475 level would be needed to relieve the immediate bearish trend.

 

Market News International & WorldWideMarkets

Chart: Bloomberg

ScreenHunter 1161 May. 14 18.26

 

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