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Spot Gold: Drift Lower Expected

Published 03/04/2014, 07:36 AM
Updated 07/09/2023, 06:31 AM
GC
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Spot Gold Weekly Chart

Gold beat strong resistance at 1345/46 to hit our target of 1353/55 and topped exactly here as predicted. A good chance for a high for the day again today, and even for the week here, so use as a selling opportunity with stops above 1361. An unexpected break higher would be very positive for Gold and target 1367.50/1368.50 then 1375/80.

A drift lower is expected and should target 1344/43. Below here adds pressure for 1337/36. If we continue lower look for 1332/31 next target then good support at 1327/26 for a buying opportunity this week.

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