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Spot Gold: 2 Year Bear Trend Has Resumed

Published 12/18/2013, 06:12 AM
Updated 07/09/2023, 06:31 AM
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Spot Gold Technicals
Gold had another pop at 1249/50 for a selling opportunity and topped at 1248. Shorts here worked perfectly as we tumbled to support at 1231/30 and almost as far as the next support at 1226/25. Direction will be determined by 1231 today. Below here is negative and targets 1226/25. Below here look for a retest of 1222/20 lows last week. A break lower cannot be ruled out in the bear trend and could target 1208/07.

Immediate resistance at 1238/39 could hold a move higher but above here a selling opportunity at 1243/44. A high for the day is likely but shorts need stops above 1250.

Weekly outlook: 1267/68 did mark the high last week as predicted. The 2 year bear trend has resumed and should eventually target 1180.

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