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01.03.2013 09:00 AM
Gold completes retracement at 1570/75; a buy opportunity on hand (March 1, 2013)

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Technical outlook and chart setups:

As seen in the 4H chart, Gold has completed retracement near 1570/75; and it is further providing a clear bullish opportunity at the following confluences:

1. The 0.618 Fibonacci support of recent upswing rally from 1555.00 to 1620.00.

2. Backside of the trendline that acts as support now.

3. Past resistance turned support around 1570/80.

4. The Morning Star Bbullish signal appears in the 1H chart.

Trading recommendations:

Hold on to long positions taken earlier, initiate fresh longs as well, stop at 1540.50, target open. 1660 is reachable now.

Good Luck!

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