COMEX Gold May Trade Around $1366-1388 Range

Published 06/12/2013, 07:12 AM
Updated 05/14/2017, 06:45 AM
GC
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The yellow metal has shown some kind of fluctuation within a very tight range, following the re-test of the pivotal support defined in our weekly report at 1366.00, where FE 38.2% exists. We see opportunities for re-experiencing this level yet again, as the four-hour interval started to show signs of weakness. Breaching through 1366.00 will trigger panic sell-off actions over intraday basis.
COMEX Gold
Support: 1366.00, 1363.00, 1360.00, 1355.00, 1345.00
Resistance: 1388.00, 1395.00, 1400.00, 1414.00, 1425.00

Recommendation Based on the chart and explanations above, we believe that selling the metal below 1400.00 targeting 1330.00 and stop loss above 1425.00 could be appropriate.

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