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gold technical analysis 10
gold technical analysis 10

Gold Price Technical Analysis

Gold Price Technical Analysis 10-14-2016

Gold’s main trend is down according to the daily chart. The catalysts behind the weakness are a stronger U.S. Dollar, greater demand for higher risk assets like stocks and increasing expectations for a Fed rate hike in December.

However, the market has traded mostly sideways this week after last week’s steep sell-off. A good support on daily chart stands at 1248$. The market also continues to straddle the post-Brexit bottom at $1259.10.

The consolidation around 1250 soon will be over and the first resistance it has to face stands at 1266$. The metal is trading just at the 50d and 100d MA. A small bet on the upside to get some dollars looks like a good idea. Go long above 1250, targeting 1266, the first resistance.

gold technical analysis
gold technical analysis

 

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This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

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