Spot Gold Could Bounce Back To $1425 Per Oz

Published 05/17/2013, 06:00 AM
Updated 05/14/2017, 06:45 AM
GC
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Gold dipped to 1370.00 level on Thursday, before bouncing to correct some of the losses. The latest bearish wave continues to be intact, and we may see renewed downside pressure from levels below 1400.00. A break above 1400.00 may extend the bounce to 1425.00 levels. We maintain our negative view over the short term.

Spot Gold
Support: 1363.00, 1357.00, 1340.00, 1330.00, 1322.00
Resistance: 1385.00, 1391.00, 1405.00, 1418.00, 1425.00

Based on the charts and explanations above, we prefer to short gold below 1398.00 targeting 1385.00,and 1370.00. Stop loss with four-hour closing above 1407.00

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