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Spot Gold: End Of The Correction?

Published 12/26/2013, 04:52 AM
Updated 07/09/2023, 06:31 AM
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Spot Gold
Gold: We could be witnessing the formation of a double bottom and the end of the correction in Gold. It is worth trying longs for the medium term as stop loss can be tight below 1175 providing an ultra low risk opportunity. A resumption of the bull trend would offer large profit potential. We reached 1205/06 this week but above here today look for 1211/12 and perhaps as far as 1215/16 for short term profit taking on longs. This should hold a move higher but above here use 1226/27 as a short term selling opportunity with stops above 1231.

Immediate support is 1200/99 then 1192/91. Below here a retest of 1185/80 is a buying opportunity. Only a break and close below 1175/74 is a negative sell signal and targets 1165 then 1158/57.

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