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01.07.2014 11:02 AM
Gold technical analysis for July 1, 2014

Gold price target has been achieved. Gold price made a new higher high yesterday but it looks like bulls are not very strong and that we are in the final stages of the rally from $1,240. We can still see a move higher towards $1,340-50 but the chances are getting slim.

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Gold price is above the Ichimoku cloud support and above the red upward sloping trend line. This supports our view that there is an increased chance of seeing $1,340-50. We are at the final stages of wave E and we look to sell this rally as I expect a major reversal.

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The above chart shows my wave count that I believe soon will be complete. Gold price could make a blowoff top by touching the upper red trend line resistance at $1,340-50. After this move is complete, I expect a move to new lows towards $1,000.

Summary
Urgency
Analytic
Alexandros Yfantis
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